Event agencies, models and fashion designers

Dołączył: 09 Mar 2024 Posty: 1

At the height of the economic crisis, induced by Covid-19, the World Bank reported a 4.3% drop in global GDP . This fall was explained by the lack of promptness of governments to respond to the situation. Thus, sectors of activity such as luxury ended up paying the price for this economic slump. Fortunately, the bar is recovering, despite the persistence of the pandemic. But the luxury industry will have to recreate itself to better survive this crisis. It has also begun its reform, which could well be perpetuated. A look back at the upheavals observed in the luxury sector.

Covid-19 has accelerated the digitalization of luxury Luxury refers to WhatsApp Number List all goods and services that are rare and therefore valuable . Their acquisition is expensive and often concerns non-essential needs. Several sectors are part of this coveted industry. These include, among others, haute couture , luxury cars , prestigious real estate , jewelry , tourism and watchmaking . Thus, all of these activities have been hit hard by the effects of the numerous restrictive measures taken to curb the spread of the virus. According to figures from the 19th Bain and Company report, the luxury market fell by 23% at the end of the 2020 financial year.

Significantly, the cancellation of trade shows plunged several trades into unemployment.are the main victims. Furthermore, the scale of the crisis was proportional to the degree of unpreparedness of the sector in the face of this hazard. However, the sector has recovered better. He truly learns to live with the contingencies imposed by this health crisis. luxury market and covid 19 Online sales as a lifeline In the past, the luxury trade was marked by shopping. In other words, customers like to visit physical stores and feel luxury items before purchasing them.

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