Despite measured recovery, Indian malls are not expected to recover to pre-pandemic revenue levels by the end of the current 2022 financial year with Maharashtra malls facing some of the steepest challenges.
The pandemic has forced luxury goods companies to use social media, video and virtual showrooms to woo their wealthy customers in Europe when tourists, especially from China, have been absent for more than a year.
Luxury consumers seek out more information than ever online before making a purchase, relying especially on YouTube videos and giving particular importance to brand image, according to a study from Google and Kantar.
Surging sales at Louis Vuitton and Dior helped French luxury giant LVMH make a very strong start to 2021, with overall revenues returning to growth in the first quarter despite new coronavirus lockdowns in Europe.
The US sport and sportswear giant has introduced a reconditioned shoes offering. Nike models that are returned as new within 60 days of purchase are reconditioned and then put up for sale at attractive prices.