Luxury Industry paving way to the road to recovery
The COVID-19 pandemic has disrupted the very fabric of our daily lives. It has left many businesses and industries questioning their future; the luxury industry is no exception. A study by Bain & Company estimates that the global luxury sales is likely to drop by 35% by the end of 2020. While, some believe the luxury sales in India will take an even bigger hit and fall by 50%. Despite these worrisome analyses, the travel restrictions have presented the Indian luxury brands with the perfect window to outshine international brands and demonstrate to the Indian consumers that they aren’t missing out on anything by shopping local.
While COVID-19 has undeniably had a sizable negative effect on the luxury industry, it has also encouraged emerging trends to evolve quicker. With the fashion runways going digital this year, augmented reality filters, 3D exhibitions, virtual reality showrooms, online shopping for luxury goods will take over the space. Besides digital, luxury brands are going to be a lot more consumer-centric, personalization and advanced tech will play a major role here.
Despite 2020 labelled as “the worst year in the history of modern luxury,” experts argue the luxury world will rebound just like it did in the past. The emerging trends reflect an enduring optimism about the industry’s resilience. The key is to dive back into business and adapt! Expert video analysis by Dr. Sheetal Jain, CEO & Founder – Luxe Analytics and Ambud Sharma, CEO & Founder – Escaro Royale on the Luxury Industry.