Post by account_disabled on Jan 6, 2024 6:23:14 GMT
Digitization , renewal and adaptation are the tasks that the pandemic has entrusted to practically all companies . There is no sector that has not been affected, either directly or indirectly, by the virus that is still among us. Facing change has been a common practice and completely necessary to survive in an uncertain situation that seems to have no end. An unknown that also reaches the luxury sector, since its sales have plummeted in the face of the looming economic crisis . The unforeseen 2020 has hit luxury companies to the point of forcing them to adapt to unusual situations. The result of the health crisis in this sector has not been positive at all, at least that is what the data shows. Even so, according to a study on this market carried out by Bain & Company together with the Fondazione Altagamma, the coming years are seen with hope . The study summarizes the result of a tough year for the luxury sector with which it will be possible to understand the evolution that is expected in the future. To begin with, the fall has meant 23% less sales for the sector, which in figures would be about 217,000 million euros .
Given these data, 2021 is perceived with hope for the recovery of 50 percent of this year's loss , although its figure is still below 2019 levels. According to ABC , despite the hard blow that the sector has taken Phone Number List during the pandemic, its confidence in the industry's ability to transform its operations and redefine purpose is key to a successful recovery . In fact, the sector says it wants to meet new customer demands and remain relevant to younger generations. Although this path will be complicated, especially in Europe, since it has been the most affected area for this industry , followed by the United States. China, on the other hand, has seen the sector increase its sales by 45%, due to its ability to cope with the pandemic and the increase in domestic tourism. But China is the exception , since in general terms all luxury items have had a decline . The great survivors are also found in this decrease, those who have best survived the crisis. And these products are sneakers and jewelry, items that have used the online channel as a lifeline from the difficult situation.
Digital transformation as a necessity for the luxury sector As we have already mentioned, the coming years are perceived with total positivity and the hope of recovering the sales volume that has been lost with the Coronavirus. The factors that the industry will take into account for this growth will be the macroeconomic framework, the recovery of tourism and confidence in online channels . All together they expect to achieve growth of between 12 and 20%. Although hope is also accompanied by realism, as they assure that this growth will take several years to show, specifically between the end of 2022 and the beginning of 2023. In data it can be said that online sales in the luxury market in 2020 have amounted to 49,000 million euros compared to the 33,000 million that were registered in the previous year . A figure that is understood with the greatest increase in online purchases in all sectors due to the impossibility and later the fear of leaving our homes. In this way, the luxury sector sees in e-commerce an opportunity to improve the data of its industry , although also a challenge for all those brands that currently operate offline and will have to adapt this purchasing experience to new trends.
Given these data, 2021 is perceived with hope for the recovery of 50 percent of this year's loss , although its figure is still below 2019 levels. According to ABC , despite the hard blow that the sector has taken Phone Number List during the pandemic, its confidence in the industry's ability to transform its operations and redefine purpose is key to a successful recovery . In fact, the sector says it wants to meet new customer demands and remain relevant to younger generations. Although this path will be complicated, especially in Europe, since it has been the most affected area for this industry , followed by the United States. China, on the other hand, has seen the sector increase its sales by 45%, due to its ability to cope with the pandemic and the increase in domestic tourism. But China is the exception , since in general terms all luxury items have had a decline . The great survivors are also found in this decrease, those who have best survived the crisis. And these products are sneakers and jewelry, items that have used the online channel as a lifeline from the difficult situation.
Digital transformation as a necessity for the luxury sector As we have already mentioned, the coming years are perceived with total positivity and the hope of recovering the sales volume that has been lost with the Coronavirus. The factors that the industry will take into account for this growth will be the macroeconomic framework, the recovery of tourism and confidence in online channels . All together they expect to achieve growth of between 12 and 20%. Although hope is also accompanied by realism, as they assure that this growth will take several years to show, specifically between the end of 2022 and the beginning of 2023. In data it can be said that online sales in the luxury market in 2020 have amounted to 49,000 million euros compared to the 33,000 million that were registered in the previous year . A figure that is understood with the greatest increase in online purchases in all sectors due to the impossibility and later the fear of leaving our homes. In this way, the luxury sector sees in e-commerce an opportunity to improve the data of its industry , although also a challenge for all those brands that currently operate offline and will have to adapt this purchasing experience to new trends.