Despite ongoing travel restrictions, inflation, and supply chain concerns, the global Luxury Goods industry continues to register a strong recovery of value sales. Now, to meet pent-up demand and maintain competitiveness post-pandemic, iconic brands are increasingly employing digital sales and marketing tools, launching new product collections,...
Luxury goods in South Africa was significantly impacted by the emergence of the pandemic in 2020 as a result of lockdowns and various restrictions including border closures and the temporary closure of non-essential stores introduced by the government in an attempt to control the spread of the virus. Luxury Goods in South Africa report...
Luxury goods in Turkey performed reasonably well in 2021, with total current value sales growing at a healthy pace and most categories showing dramatically improved results in volume terms. The market as a whole benefited from the progression of the country’s COVID-19 vaccination programme and the easing of public health restrictions that...
The luxury goods market showed signs of recovery in 2021, after being negatively impacted in 2020 by the COVID-19 pandemic. Luxury spending shifted from experiences to experience-based goods. Luxury products were first to recover to their 2019 levels as opposed to luxury experiences, which remained below pre-pandemic levels. E-commerce was...
Unlike most of the non-urgent consumer goods industries (such as mainstream apparel and footwear or personal accessories), luxury goods went against the negative results of COVID-19 in 2020. Relying on the strong purchasing power of affluent consumer groups, the industry attracted buyers into consuming with even more eagerness due to the closed...
For luxury goods in 2021, the picture is a mixed one. On one hand, the category is set to display retail value growth that is almost twice as large as the rate recorded in 2019. On the other, this growth will not offset the huge losses sustained in 2020 - the worst year of the COVID-19 pandemic. During the last year, the category witnessed...
All the activities related to out-of-home entertainment have been suffering negative impacts since 2020 due to the restrictions imposed by the COVID-19 pandemic. The long period of limited operations caused restaurants, bars, concert halls, museums and hotels to face challenging financial situations with the reduced flow of consumers and the...
Although luxury portable consumer electronics witnessed retail volume and current value declines in 2019, these were minor compared with the massive falls in sales experienced in 2020, and the further weak performance recorded by the category in 2021. Pre-pandemic, more than half of sales of luxury portable consumer electronics were attributed...
Overall luxury goods experienced a significant contraction in 2020, due to the imposition of a state of emergency in Japan during April and May due to the emergence of COVID-19. During this time, non-essential stores closed or reduced their operating hours. The closure of the country’s borders also led to the complete devastation of inbound...
Demand for luxury portable consumer electronics is quite limited in Italy, and retail current value sales of luxury mobile phones were in decline even before the onset of the pandemic, with luxury wearables overtaking luxury mobile phones in terms of retail current value sales in 2018. While retail current value sales of luxury portable consumer...