The luxury sector is being hit hard by the COVID-19 global economic crisis. Sales predictions suggest a 35% decline in the sector.
With stores closed and fashion shows canceled, the opportunities to engage and inspire commercial buyers, influencers, and consumers are drastically diminishing. Luxury brands find themselves in the situation of having to rely solely on digital, a channel that has seen only shy investments from the industry in recent years. Will they be able to rise to the challenge of accelerating e-commerce development, to replicate the in-person experiences that are now long missed?
What's in this report?
Take a deep dive into how luxury brands are reacting to this crisis, taking initiatives to defend their position or even using this as an opportunity to build brand affinity by being part of the COVID response. Find out more about:
How luxury brands have pivoted during the crisis
What initiatives they have undertaken to engage their customers in the absence of in-person experiences
What opportunities for long-term sustainable strategies are being created, and how brands can take advantage of them
Grail Insights specializes in understanding the luxury consumer and helping brands adapt to market change. Let us help you navigate your brand through uncertain times. Email us firstname.lastname@example.org
I’d like to receive occasional news and insights from Grail.