Half of luxury leaders expect the COVID-19 crisis to go on for a few months before things go back to normal, and another 41 percent think that it will take several months to a year, calling for a tepid outlook in the business.
The data comes from a new report called, “Through the Lens of Luxury Leaders,” from Singapore-based Agility Research & Strategy. The research includes insights from interviews with luxury leaders around the globe.
“As the restrictions on consumer behaviour stay in place for an extended period, it becomes increasingly likely that consumers will emerge on the other side of this transformed by the experience,” said Amrita Banta, managing director at Agility Research, Singapore. “We are already seeing shifts in attitudes of affluent consumers in markets in Asia.”
“Brands should continue to monitor and track the changes as well as stay connected to their customers and build a relationship beyond a transactional one,” Mr. Banta said.
Agility is one of the leading market researchers covering the luxury space in Asia.
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