The stock market is bullish, the economy is recovering, consumer confidence is growing: all indicators are positive, fuelling luxury purchases on a North American market that is highly dynamic and promising for labels.
A new report from fashion marketplace app Depop highlights the values behind Gen Z’s shopping behavior, revealing that members of this community are conscious consumers, eager to express their individuality.
The luxury goods sector could shrug off the hit from the coronavirus crisis as early as this year as Chinese and U.S. shoppers help sales recover to pre-pandemic levels, consultancy Bain said on Monday.
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.
This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.