Is this the end of the luxury industry? Has Covid19 ruined the luxury industry? The Impact of Covid-19 on Luxury Industry.

In today’s situation, where people are finding it difficult to meet both ends, due to the pandemic Covid-19, the luxurious industries are suffering from the harsh attack of pandemic more than any other industry.

 

 

All the Luxurious Industries are finding it difficult to keep their ship floating. They are in the situation where their industry might become extinct. With the steep fall in the economical situations of consumers, they are not willing to go for luxury goods. 

The demand for Luxurious goods is elastic, so the consumers can easily postpone their purchases, hence we can easily say that the demand of the luxurious goods in this situation has changed drastically. But they are still not lagging behind in the fight against Covid-19.

 

So many of the renounce brands have joined hands with the government to fight against this pandemic. They have changed their strategies, and have ended up shutting down their luxurious stores, delaying their fashion shows, and even cancelling their events, and turning their production from luxurious goods to necessities goods. 

Many perfumes brands had shifted their production to sanitizers and antivirals sprays and even the fashion apparel industries had moved their productions from designer clothes to medical gowns and masks. LVMH, Parent company of Louis Vuitton had converted it’s perfume factories into an antiviral solution manufacturer and also prepared surgical gown and mask, even Gucci, Bvlgari, and many more, are also helping in this cause.

  

Even after that they know that the setback they are going to face is worse for them than any other industries, they still are ready to fight against. It  shows us the true nature of working in society.

 

They are facing a situation where they can lose their hold in the market and  have to find a way to uplift their situation, the only hope of revival is the betterment of the economic condition, which is still not close. But taking it to the positive side, it is also an opportunity for these industries to create a new start or form a new line and also experimenting in a way they had never thought about. It is time to take risks and find a new way to get them out of these crises and to maintain their goodwill among the customers. They should hold the courage to fight against this pandemic and become an undetectable brand in the society.

 

“Success is not final; failure is not fatal: it is the courage to continue that counts.” 

 

-Winston Churchill.