If luxury companies were not already operating through ecommerce, the coronavirus pandemic has acted as a call to do so – not necessarily to offer a brand’s entire range of product, just enough to appease the demand of quarantined luxury shoppers.
While there will likely be an initial impact on the luxury market due to the COVID-19 lockdowns, a new report from Astound Commerce suggests that it will bounce back like it did after the downturn of 2008-09.
As the opt-in nature of marketing continues to increase, brands will need to offer the consumer more reasons to interact with them.
Retail sales in the United States posted their biggest monthly drop on record during March as the COVID-19 coronavirus pandemic temporarily shuttered restaurants, bars and many stores nationwide, with stay-at-home mandates also affecting gas sales.
What once was a shining light in the consumer market has now gone dark and threatens to stay dark for quite some time.
Seventy-one percent of consumers report “quality of offering” as the greatest decider of loyalty, meaning a company with a quality product succeeds where a company that only has discounts on inferior products cannot.
With all face-to-face interaction currently replaced by technology, how can managers maintain their relationships with their team members?
A senior economist at the International Monetary Fund has given a rather somber assessment of the global economy as the lockdown decimates lives and livelihoods.
The LVMH Prize will not be handed out this year as a consequence of the COVID-19 coronavirus pandemic, disappointing many budding designers who could have benefited from the doors opened and attendant publicity of being anointed the winner.
As wealthy individuals see their portfolios contract from the COVID-19-related recession, some are scaling back on purchases.
