{"id":2298,"date":"2020-05-04T22:35:44","date_gmt":"2020-05-04T17:05:44","guid":{"rendered":"http:\/\/172.105.37.82\/?p=2298"},"modified":"2020-05-04T22:35:44","modified_gmt":"2020-05-04T17:05:44","slug":"impact-of-coronavirus-on-the-luxury-market","status":"publish","type":"post","link":"https:\/\/indiacityblog.com\/fashion\/impact-of-coronavirus-on-the-luxury-market-2298\/","title":{"rendered":"Impact of coronavirus on the Luxury market"},"content":{"rendered":"\r\n
In 2019, the value of the personal luxury goods market worldwide was 281\u00a0billion euros<\/b>. The global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage, and handbags, has been on an upward climb until the advent of COVID-19.<\/h4>\r\n
The novel coronavirus disease is tightening its grip on the entire world. It is proving to be a huge impediment for the industries around the world, with an intense dent in the luxury fashion market. Will luxury fashion continue to be the way it was before the crisis? Will people around the globe still look forward to buying unique pieces from their favorite brands? Will luxury mean the same anymore?<\/strong><\/p>\r\n
The answer is yet to be discovered but predictions reveal that the luxury fashion market is to undergo a revolution<\/strong>, the one like never seen before. Changing customer preferences will lead to a change in trends and revision of prices. Moreover, the surge in demand for face masks amid these crises might lead to a whole new segment for the fashion companies.<\/p>\r\n