We are in the middle of extremely turbulent times with unprecedented disruptions to consumer behaviour and supply chains across the globe from the covid-19 outbreak. At the time of writing this, some markets, like China, are bouncing back in to ‘life after covid’ mode where consumers are once again more mobile and queuing for their favourite brands. At the same time other markets are still tightening social distancing measures and many are in what could be described as panic or lock-down mode. Amid this uncertainty business leaders are looking to validate their strategic choices and direction.
We have been speaking to our community of senior executives of premium brands globally to understand their outlook for 2020 amid the coronavirus outbreak. While we continue to conduct more interviews and will have full results of this Voice of Luxury Leaders available to subscribers later in Q2, we are sharing here a few interim insights from interviews conducted thus far among 46 luxury leaders globally.
The general mood among luxury leaders is justifiably muted, with three quarters having a ‘lower’ or ‘significantly lower’ outlook for 2020, when compared to 2019. Below are a few snapshots of what the leaders had to say: