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Luxury sector breaks sales record as global economy takes a hit

During the first six months of the year, the luxury sector has experienced a surprisingly fast recovery, With this, months…

By admin , in news , at May 25, 2022

During the first six months of the year, the luxury sector has experienced a surprisingly fast recovery, With this, months marked by the pandemic are left behind and experts show their optimism for the next quarter of the year for the industry. According to experts from Salesland and Incranta, a multinational company specializing in marketing and sales, new consumer behavior and challenges imposed on the industry require brands to adopt a strategic posture to adapt to these new times.

Ariel AlonsoSalesland’s director of Latin America, highlights the sector’s recovery in recent months: “The reactivation of markets has been faster than expected, surpassing even some sectors of domestic consumption.”

According to data published by EAE Business Schoolthis area, with China You EE.U.U. Under the leadership, it is recovering at accelerated rates. Estimates suggest that, in the coming months, it will be possible for global trade to reach pre-pandemic levels, close to 300 billion euros.

Virtualization and new markets

Today’s 45% of luxury sales are affected by actions digital, This is the reason why digital channels and formats are making their way not only in the luxury sector, but also in the retail market in general. instagram hey TIC Toc These are some of the most commonly used platforms when starting a brand’s virtual presence.

Also new digital native brandThat is, brands born directly in the virtual world have been able to make their place in the market. This format makes it possible to have a direct vertical relationship with the consumer, without middlemen, and they can more effectively monitor the entire customer buying process.

In recent years, the spread of new markets, such as China. This new competitor is growing and spreading so much that, in 2025, it is expected to represent close to half of the world’s total luxury consumption by business volume.

In addition to changes in terms of formats, fields, and other elements, a generational change of luxury brand consumers. An example of this is the increasing demand from Generation Z and Y, which will represent 35% of sales over the next five years.

Luxury sector breaks sales record as global economy takes a hit

2022-05-25 02:45:01