Consumer spending on luxury goods continues to undergo unprecedented levels of channel shifts due to the long-term effects of the Coronavirus (COVID-19) pandemic and there is no doubt that the outbreak will be seen as a catalyst for a stronger move towards digitalisation in retail. This report provides a top-line overview of market performance and prospects across the key retail channels in luxury goods, including the impact of COVID-19, and outlines key trends within the global luxury goods bus
COVID-19 has undeniably transformed the economic, consumer and retailing landscape. It has changed the way luxury consumers live, work and shop. Uncertainty remains high, but what is clear is that economies will not emerge unscathed, and the daily routines and lifestyles of luxury consumers will shift to accommodate these changes, potentially in the longer term, as a “new normal” takes shape.
E-commerce will undoubtedly grow as consumers continue to enjoy the convenience of online shopping, and the shift to learning, working, eating, shopping, playing and socialising moves further into the home. Physical retailers will need to go above and beyond to create new bonds and build loyalty with customers who will be looking to be entertained, rewarded and valued.
At the start of the pandemic major disruption across the supply chain in luxury goods highlighted the inadequacies of the current models. Luxury retailers are taking a closer look at diversifying their existing supply chains to create a more effective model which is also more socially and environmentally responsible
Many luxury retailers have been experimenting and innovating in terms of last-mile deliveries to improve competitiveness and loyalty, but, above all, to improve the customer journey and overall service, as this final stage of a purchase is one of the most emotional phases of the buying process.
New strategies across the distribution landscape will be key to building resilience and one thing that should not be paused, despite the economic crisis, is innovation. At a time when consumers are worried about the state of the planet as well as social issues, luxury retail channels are urged to leverage investment in research and development to create new innovations that will resonate with consumers
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