69% of luxury executives expect sales will return to 2019 levels by 2022, and investment in China will accelerate

The France latest survey : 69% of luxury executives expect sales will return to 2019 levels by 2022, and investment in China will accelerate
In September French luxury business consulting company MAD survey showed that in the current difficult period, executives of global luxury goods groups still maintain positive and optimistic attitude.

According to its survey results, 49% of the executives surveyed believe that their company can return to sales levels equivalent to 2019 by 2021.
69% believe to 2022can return ,only 30% believe more than 2 years just can recover .

The different categories of the luxury industry, the findings were consistent. Despite the epidemic crisis, luxury industry seem to be more stronger resilient than aviation or tourism industries. More optimistically, executives believe that 2020 is just “a purely abnormal period, the relatively limited consequences over time.”

Although the luxury goods industry is expected to resume growth next year, but doesn’t mean it will immediately return to pre-epidemic levels. they believe growth in the coming quarters will be mainly driven by three factors: improved end-consumer information (62 %), the China market and its local consumption (60 %), and new distribution strategies (45 %).

Brand investment in the Chinese market will accelerate with the opening a large number of stores, while retail networks and staff in Europe will be substantially streamlined.Distribution channels will also undergo major changes, the physical and online shopping experience will become more seamless.

There are five obvious areas where companies should focus their investments over the next 18 months: e-commerce , digital communications, customer relationship management (CRM) tools , China retail and customer experience .

Reflecting the vision of the post-epidemic era, it is more obviously digital, more customer-centric and more focused on the Chinese market. at the same time, they will reduce investment in retail and wholesale channels in Europe and the United States

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