How will COVID 19 have a larger impact on the luxury market?

Over the years, with more and more consumers increasing purchasing power and accepting their zest to shop luxury items, the entire industry has witnessed a mammoth change. Aspirational buyers have turned into regular consumers thus ensuring an increase in the consumer base for globally. However, with the current situation and lockdown being witnessed PAN India and globally, few sectors of the luxury segment that were yet to venture into the e-commerce segment, have seen their peers see an increase in sales. This has been true in the initial COVID 19 announcement day as during times of distress people do resort to shopping as a therapy and as a way of staying positive.

However, with PAN India lockdown even though e-commerce segment have witnessed an upsurge in their sales the luxury market is witnessing a little set back as consumers are prioritising necessary goods as per government guidelines. Globally some of the companies are going ahead and even creating jobs for their countrymen, to work as delivery guys in the time of COVID-19.

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