If this year taught us a thing or two, it’s that luxury can survive practically anything. The demand for luxury products (and experiences) continues to remain alive and well – actually, really well.
Since early last year, companies across the globe have experienced irreversible damage as a result of Covid-19; many are still recovering to this day. In 2020, we witnessed industry powerhouses temporarily close their retail stores, put a halt on mass production, and cut thousands of specialized jobs.
Continuing into 2021, companies faced challenges in production, which caused dramatic setbacks in distribution and delays in product fulfillment. As retail stores began reopening, limited staff and excess inventory from seasons prior proved to be burdensome, ultimately affecting the supply chain as well as sales potential (WWD).
Mask mandates combined with strict social distancing protocols reduced the number of customers allowed inside at a given time, as well. We live in a world now where it has become harder to find the things you want.