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COVID impact on luxury

 2020 has been one giant... i'm just going to say it Cluster duck of a year. But from trial comes triumph, with some companies absolutely flourishing and some gurgling down the toilet. The unfortunate need for companies to pivot, has left some with no choice but to close down. From fashion shows being streamed online, and shop closures. Luxury has relied heavily on their online presence to continue their revenue and trading through the pandemic. With many economist predicting an economic down turn, decrease in sales and all round shrinkage in the luxury niche. 

I am of the opinion that the luxury category was only minimally affected by this crisis, and i think the recent black Friday sales have proved that the desire for luxury items is well and truly alive and well. With Valentino nearly selling out of their sale items within the first 48 hours. 

I know crazy right?! and Valentino wasn't the only luxury brand that experienced literal sell out crowds, with Dior, Balenciaga, Yves Saint Laurent all experiencing similar crowds. With Chadstone recording monumental crowds.

So like me, you might be sitting back thinking. What has changed? how are people who have experienced months of reduced income, job losses and periods on Government payments able to afford $2 -$3k bags, shoes, clothing and accessories? 

The answer? i believe, is in air travel. Yep thats right, with summers in the Mediterranean, sitting on a beach sipping mai tais, winters at the chalet and weekend getaways cancelled for the foreseeable future. People are now justifying spending the money they had saved away for their next getaway on luxury items which were once out of their price range.

The luxury sector has just skyrocketed. Proving that COVID 19 has had a positive effect on buyer behaviour and spending. I think as COVID continues to wreak havoc, more and more people will be throwing their hands up in the air and spoiling themselves with the bag they have always wanted. The dress they could never afford. The pair of shoes that were previously unjustifiably expensive, have now become justifiable, causing the positive impact. COVID has been almost a blessing for this sector, relieving the pressure the sector had been previously experiencing. 


💖my fashiontine 

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