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Luxury businesses to go all out to power shopping and catch hopes of customers

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Luxury brands to catch the demands of customers
Luxury brands to catch the demands of customers, Photo by Gabrielle Henderson on Unsplash

With the hopes of economical engines being infused with energy, luxury brands are taking one quarter at a time by syncing to customer’s choices.

Most luxury businesses are struggling with excess inventory piling up as a consequence of low sales since March 2020. Malls meant for showcasing the luxury brands were among the last sectors to open—aggravating the “already challenging” situation for luxury brands.

Imports of gems and jewelry products also reduced significantly as importers seek to avoid hurting their profitability due to low customer demand even further.

Hence, to bounce back from the COVID-19 sales lockdown, luxury labels are making their marketing and sales game strong.

Plans in the pipeline

After hitting a low since the pandemic, luxury players in the market are trying out everything to revive the customer’s attention for the goods. Also, there is a marketing push that is escalated by the festive season and marriages.

Following this, superior edition products are being added to the line of goods by the luxury brands.
Gucci’s luxury fashion house brand has recently launched “special edition tennis sneakers” to catch its customers’ attention.

The new edition of Dior’s Air Jordan sneakers has registered recent success in capitalizing consumer demands as it goes stock out in some countries after its launch.

The “Special Edition” tags have majorly brought in exclusivity with launches in the watch segment. Also, they come at a 15-20% higher price.

Besides the wave of new edition goodies, luxury brands are also offering personalized services and home deliveries through E-commerce websites.

China, the world’s largest luxury consumer, is expected to reach a $380 billion valuation by 2022, following an increase in online sales by the customers.

Black Friday, which falls on November 27, is regarded as a bounce-back time for luxury brands worldwide. A statement by the Palladium Mall mentioned that a special haul had been planned to entice customers with offers with weekend and end of season sales during this season.

The DLF luxury malls mentioned that the international sale portfolio appears to be a mixed bag, as in some countries, travel restrictions remain quite stringent. This has led to a surge in domestic consumption as travel restrictions continued till August.

However, post this, international luxury brands saw better consumer demand with 3x growth registered due to e-commerce sales.

Premium cashmere retailers are witnessing worldwide orders and plan to achieve 30% CAGR growth. Marketing and PR veterans say that the couture business’s sellers give massive discounts on their website due to lesser customers following the limited guest list.

Briefly, all the big and ultra-luxury legends are ready for a comeback after fighting the pummeled shopping during the pandemic.

An avid learner having infatuation for numbers and finance. Also, an individual with unfiltered opinions who likes to mix the metrics of both professionalism and creativity.

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