Luxury good brands will have to get creative to withstand the storm caused by the COVID-19 pandemic and economic shutdown. As more economies open back up, new online opportunities and creative thinking will be essential for an industry rebound.
“There will be a recovery for the luxury market, but the industry will be profoundly transformed. The coronavirus crisis will force the industry to think more creatively and innovate even faster to meet a host of new consumer demands and channel constraints.” – Claudia D’Arpizio, partner, Bain and Company, and lead author of the study, finds that innovation will be vital to ensure a quicker recovery for luxury goods.
