Transforming luxury: Global luxury brand executives’ perceptions during COVID
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The global luxury goods sector has declined due to the COVID-19 pandemic; however, academic and industry sources have indicated that the industry will experience a rebound. With this comes a re-invention of the business, as the crisis has exacerbated changes in consumer behavior and luxury strategies that were already occurring. The current study utilized data from interviews with executives (n = 11) to establish a deeper understanding of the pandemic’s impact on luxury firms and luxury brand strategies in response to consumers’ changing behavior during COVID-19. The researchers adopted a phenomenological method and were able to gain access to eleven (n = 11) high-level executives at a New York-based Top 10 global luxury conglomerate (based on sales) to discuss current trends in the industry. Major themes of flux and segmentation emerged, along with sub- and micro-themes. The research successfully documented changes in consumer mindset and perceptions of luxury, in addition to hurdles that global luxury brands are facing to attract consumers during the pandemic. Limitations and directions for future research are outlined.
Abstract
The global luxury goods sector has declined due to the COVID-19 pandemic; however, academic and industry sources have indicated that the industry will experience a rebound. With this comes a re-invention of the business, as the crisis has exacerbated changes in consumer behavior and luxury strategies that were already occurring. The current study utilized data from interviews with executives (n = 11) to establish a deeper understanding of the pandemic’s impact on luxury firms and luxury brand strategies in response to consumers’ changing behavior during COVID-19. The researchers adopted a phenomenological method and were able to gain access to eleven (n = 11) high-level executives at a New York-based Top 10 global luxury conglomerate (based on sales) to discuss current trends in the industry. Major themes of flux and segmentation emerged, along with sub- and micro-themes. The research successfully documented changes in consumer mindset and perceptions of luxury, in addition to hurdles that global luxury brands are facing to attract consumers during the pandemic. Limitations and directions for future research are outlined.
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