What Will Be The Luxury Market After The Epidemic? Analysts Gave 5 Predictions.

The impact of COVID-19 on the fashion industry can not be underestimated. Despite the fact that there is a slight slowdown in the epidemic situation at present, the invisible loss of society and economy is still hard to count. If we discuss it in the fashion industry alone, we can see that in recent months, the brand has gone through two or even three bankruptcies and layoffs, and the latest quarterly financial report is even more deficit. The trend has been continuously discussed in the near future, while the foreign media analyze the 5 prediction of the high-end luxury market in the future.

1. the key lies in the Chinese market.

A report from the previous analysis of market Bain&Company indicates that the revival of the fashion industry may be waiting until 2022. In the next two years, it can be said to be quite a challenging time for the major brands, and more figures indicate that the Chinese market accounted for 35% of the global luxury goods sales in 2019, and it is expected that in 2025 it will be more likely to reach 50% figures. That means that Chinese consumers who buy boutique will account for half of the world's total. Therefore, the revival of fashion industry may be partly focused on the sales policy set up by high-end brands.

2. mature European markets are weak.

The epidemic affects not only the Asian region but also the European countries. For luxury goods, the development of France and Italy, such as France, Italy and other countries, has long been mature and stable. The sudden outbreak has left people in a relatively negative mood for a short time. The demand for boutique is no longer as frequent as it used to be, and may even rethink the changes in habits and values. It is predicted that the purchasing power of the luxury market will be greatly reduced in the future.

3. changes in business channels

Under the epidemic, whether fast fashion, niche brands or even high-end brands have closed down physical stores, so that sales performance has dropped significantly, and the electricity supplier has become the only window of profit. This time, all brands have begun to face up to the importance of online shops. From the perspective of Chanel's first online purchase, the outside world boldly predicts that high-end products such as Chanel and Herm s will never be available in the future. It will change the past business mode, and the main channel will be placed on the electronic business platform.

4. sustainable development will become the main force.

Faced with the devastation of the fashion industry, the sudden awakening of health problems and environmental awareness, which seems to be more deeply rooted in the concept of environmental protection and sustainable development, which is gradually emerging in the past, is more deeply rooted in the epidemic. Therefore, the sustainable development of natural raw materials and production lines will easily win the hearts of consumers in the future, as well as to the society and the fashion industry. Give more positive energy.

5. rethink "fashion".

In the face of major crises all over the world, for the fashion industry, if we want to return to the original appearance, we need to make changes. In the past, the annotation of fashion has probably been mixed with a lot of negative labels, too wasteful, hypocritical, money worship and environmental pollution murderers. Although fast fashion and high-end market in recent years are turning a blind eye to the image, but as the impact of this epidemic is worsening, if we want to recover in the fast time, we need to "change", D. Ries Van Noten has been the first to point out one of the problems in the fashion industry. How to win a win-win situation between consumers and brands is also testing the fashion industry in the future. Source: Geear set