China, online sales and the younger generations will boost the growth of the luxury market, which is currently valued at 283 billion euros.
But what’s the current scenario? In 2021, the personal luxury market is expected to grow 1 percent compared to 2019 and 29 percent compared to 2020. After its darkest moment in history — in the second quarter of 2020, the sector was down 50 percent compared to the same period the previous year — the sector is experiencing a strong rebound, determined also by the shift from experiences to goods, caused by the travel and social restrictions across the globe.
“Brands should think in terms of touchpoint ecosystem, where each channel has a different role in influencing the consumer’s journey,” said Levato, highlighting that online and the monobrand stores are actually boosting the business of luxury brands.almost doubled in size. If in 2019 online in the luxury segment accounted for 12 percent of revenues, in 2021, it accounts for 22 percent of the business, totaling 62 billion euros.
“In the wholesale arena, we except that the specialty store that will survive will retain a role of opinion leaders dictating fashion trends,” Levato said. “In the department stores’ business, the American ones are going through a reorganization and they are generating strong performances, while the European ones are suffering from the lack of international tourists.”
In this perspective, the traditional pyramid model is replaced by what the report defines as a “new cycle of desire,” where icons and hero products come before the brands themselves and the logo is not a status symbol to display one’s wealth but is a badge of self expression and values, such as sustainability, diversity and inclusion.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
China Evergrande’s EV Unit Taps Investors Ahead of First Car SalesThe amount Evergrande’s electric-vehicle unit plans to raise from stock sales is far smaller—and at a much lower share price—than it has raised before, reflecting fading euphoria about its prospects
Consulte Mais informação »
China import fair sees $70.72 bln worth of 'intentional' deals signedThe fourth China International Import Expo (CIIE) saw $70.62 billion worth of “intentional” deals signed, down 2.6% from last year, state broadcaster CCTV said, citing an organiser of the event that closed on Wednesday.
Consulte Mais informação »
COP26 updates: US, China pledge to work together on climate crisisLeaders from nearly every country in the world have converged upon Glasgow, Scotland, for COP26, the United Nations Climate Change Conference.
Consulte Mais informação »
U.S. and China sign agreement to work together on climate changeJohn Kerry, President Biden's special envoy on climate, and his Chinese counterpart Xie Zhenhua made the announcement at a press conference following a chilly diplomatic start between the two countries at COP26
Consulte Mais informação »
Enes Kanter felt encouraged to speak out against China after NBA supported players fighting other injusticesBoston Celtics star Enes Kanter says he felt encouraged to speak out against China after the NBA supported players in fighting other injustices and human rights issues
Consulte Mais informação »
WSJ News Exclusive | China Weighs Moderating Property Curbs to Help Troubled Developers Unload AssetsChinese regulators are considering easing rules on how much property firms can borrow to let struggling developers sell off assets to avoid defaults and hits to the broader economy
Consulte Mais informação »