The luxury industry posted its best two years after a slight stumble since the COVID-19 coronavirus spread globally.
While consumers were locked up at home, they continued shopping online. When cities, states and countries relaxed the rules, these shoppers took advantage of retailers' offers to deliver purchased goods to the curb, within designated areas in stores or directly to the doorstep – all observing safe protocols. China's continued appetite for luxury brands also helped.
Overall, the large brands – Louis Vuitton, Gucci, Chanel, Hermès, Cartier and Dior – were rewarded with healthy sales, while smaller luxury brands lost a spring in their step, outmatched by name recognition, deep pockets, supply chain issues and stalled retail-store traffic. Now, as countries open up and travel resumes, consumers have to grapple with the fallout of the Ukraine War and economic slowdown in key markets worldwide. What does this mean for affluent consumer spending and its impact on luxury brands and retailers? And what trends have emerged to portend the likely trajectory of luxury in the year ahead?
Register now to hear Luxury Daily founder/editor in chief Mickey Alam Khan share the five trends he is seeing in luxury and what it means for brands, retailers and consumers.Please click here to register for this free webinar Wednesday, July 13 at 11 a.m. to noon ET titled,"5 trends in the luxury goods industry"
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