Luxury & Digitalisation
The pandemic has affected a bigger impact on luxury goods such as clothing and furniture. A recent study by Italian trade association for luxury brands Altagamma, in association with Boston Consulting Group, predicted that the global luxury sales could scale down by US$33 to US$44 billion.
Despite such situations, major luxury brands have responded by marketing approaches and digitalisation.
Some luxury retailers have even managed to multiply their profits from embracing digitalisation in a time of COVID-19. Valentine’s Day is a lucrative day for many retailers globally, but China was in a national lockdown, with retail shops shut.
Louis Vuitton launched an exclusive Valentine’s Day online pop-up store via WeChat, where customers were able to seek pre-sale and post-sale consultation and place orders online. As a result, Louis Vuitton doubled its Valentine’s Day online revenue from a year ago.
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