How has the Coronavirus affected the global luxury industry? How can luxury companies emerge stronger, more innovative and purposeful after the battle against the Coronavirus has been won? Luxury retailers are eagerly looking forward to the answers to all these questions.
As per the ‘Power Panel Webinar’ hosted by SP Jain School of Global Management, in-store luxury experiences will continue to dominate in the post-COVID world.
“While most sectors are shifting to digital means of shopping, the luxury retail segment has a unique stand. The segment is driven by the consumers’ need for indulgence and immersive experiences, which cannot be fulfilled through online platforms. Luxury holds a more symbolic value over function for most consumers, and industry experts believe that digitalisation of brands is a temporary solution. Although brands are acknowledging the need for omnipresence in times of the COVID-19, most retailers believe that in-store experiences will continue to dominate post the pandemic when it comes to luxury shopping,” the webinar highlighted.
Luxury brands have always enjoyed an air of exquisiteness, and an association with being glitzy. However, the industry is now witnessing a change in consumer behavior, with more and more people gravitating towards conscientious, responsible luxury as an effort to lead a more sustainable lifestyle. This has caused a ripple effect, leading brands and creators to seek slower lines of production that promote sustainability and creativity. Luxury brands are focusing on curating collections to address responsible consumption, and slow living, while maintaining their exclusiveness, and premium quality at the same time.