It’s now been over a year since we have gone out to go buy new outfits, a pair of shoes and even that cute new purse for all your summer adventures. The only thing that hasn’t changed is the decision to spend the money or save it.
Luxury retail was the first to expect a decline in sales when the pandemic hit, but the truth of the matter is that some people still spent the money on the shoes or the bag they wanted because it was distracting them while in lockdown.
Luxury retails have survived, but a lot might change for their physical stores. Many luxury brands like Louis Vuitton and Gucci have massive stores in big cities around the world, but as the pandemic has made more people switch to online shopping, these brands may choose to close these stores.
The in-person experience of shopping at the high-end stores is what made buying their products so amazing. Walking in and being treated like a queen is what people look forward to. You get one on one experience, many stores offer free food and beverages, and a lot of times you can pick and choose different styles that are only available in-store, especially if you go to a flagship store, like New York, Milano, Dubai and Paris.
This aspect of change is what might possibly kill the luxury retail market, although they did not take a hit during the pandemic when people did purchase online, they might take a hit when customers realize they aren’t going back to in-store.
Luxury was not just about the brand name, the quality or even where it was made, it was about the whole experience as a whole. Being able to walk out of a Louis Vuitton in Champs-Élysées, Paris, France creates a feeling like no other, and if the pandemic costs clients that experience, luxury retail might change forever.