Abstract: - Boxed in with wealth erosion and discretionary income reduction among the rich and the middle class, the watches & clocks market is expected to decline by -7.8% in the year 2020 before recovering to reach a revised market size of US$73.3 billion by the year 2027. A few weeks into the pandemic, billionaires...
Luxury goods turned to strong current value decline in 2020, due to the impact of COVID-19. When the virus emerged in the country, the South African government implemented a risk-adjusted strategy at five different levels which dictated the economic activity that was permitted. Level five allowed only essential services to operate, which led...
The closure of Malaysian borders to foreigners beginning on 17 March had a negative effect on experiential luxury in 2020. Due to these strict regulations, Malaysia experienced a strong dip in international tourist arrivals, which typically provide an important boost to the sales of luxury goods. In fact, in 2020 the country experienced negative...
Between 18 March and 4 May 2020, Malaysia enacted a country lockdown which mandated the closure of all non-essential stores. As a result, monobrand stores, and jewellery and watch specialist retailers which are popular retailing options for luxury writing instruments and stationary were required to cease operations during this time restricting...
Luxury wearables is the major category of luxury portable consumer electronics, as most luxury mobile brands have retreated from the South Korean market. The luxury wearables category, despite the adverse impact arising from the pandemic, is demonstrating early recovery compared with other countries around the world. Although the category...
The strict lockdown period between March and June 2020 had a considerable negative impact on sales in luxury goods in 2020. This is due primarily to the closure of non-essential retail outlets and has been exacerbated by the focus store-based retailing and the in-store experience in this category. As such, many players in luxury goods were...
As with the other luxury goods categories in Australia, the COVID-19 pandemic affected designer apparel and footwear significantly due to lifestyle changes as a result of lockdowns, working from home, and social distancing measures resulting in many consumers avoiding shopping in stores and shifting to e-commerce. Designer Apparel...
International travel bans as a result of the pandemic greatly impacted bookings for luxury hotels. In an attempt to control the spread of COVID-19, Australia introduced a ban on the arrival of all non-citizens or permanent residents from 20 March 2020, with the exception of an air bubble with New Zealand towards the end of the year. Luxury...
In the two years prior to the pandemic, the category widely benefited from stable domestic tourism and fast-growing inbound tourism. However, 2020 was expected to be a particularly important year for the industry as the Tokyo Olympic and Paralympic games were scheduled to take place during the summer, with many industry players investing in...
Following a decade of continued retail value sales growth, luxury goods registered significant declines across both experiential luxury and personal luxury in 2020 as efforts to mitigate the spread of COVID-19 disrupted both demand for and consumers’ access to luxury goods. Luxury Goods in USA report offers a comprehensive guide to...