What is the impact of WFH on the luxury market?
With store closures and customers staying in their homes, luxury markets have been severely hit. Major parts of the world, from China to Japan to Europe and US are struggling with weakening demand and disrupted value chains.
As per the recent research by Altagamma in association with Boston Consulting Group, it is predicted that Coronavirus can bring down global luxury sales between €30 billion to €40 billion.
Tips to stay afloat
Personalisation is very important for luxury brands. This slowdown is right time for luxury brands to equip themselves to digitise the processes and upgrade their systems and technology. This will enable them to develop operational efficiencies and provide personalised experiences to the customers