Final Thoughts

It remains to be seen whether these changes will be for the better or whether they will have longevity, but here are our top 5 observations and projections:

1. First, the demand for luxury is not going anywhere, but the definition of luxury will continue to evolve with priorities, technology, education and increase of global wealth.
2. Luxury consumers are now more comfortable and willing to make large purchases online.
3. Customers will continue to demand more value for money, beyond brand recognition.
4. It is very likely that high-end consumers will gravitate toward more “bubble experiences” with trusted friends and family members, especially as far as travel is concerned. This will ensure safety and fulfilment in terms of an elite experience.
5. Consumers have become more sophisticated as they have had time to educate themselves about products and whether brands align with their new priorities, like sustainability, real quality and social responsibility concerning issues like diversity and inclusion.

Rethink: Group Activity

Consider and discuss how trends started or accelerated as a result of the pandemic might provide new opportunities related to the global luxury market.

• How do you think this will help the consumer moving forward?
• How might brands have to address and capitalize upon these new opportunities?
• What challenges might hinder them?

Peer Review

• How did you find the peer review process?
• Did you find it useful?

Share you answers with us down below.