A quarter of all global consumers have delayed the purchase of luxury items due to the COVID-19 pandemic, according to new research.
New data from Global Web Index indicates that while demand for luxury has had suffered, there’s still many consumers who are keen to buy luxury when the time comes.
By the end of the end of March 2020, luxury stores closed across China – the biggest market for luxury products.
This domino effect continued across much of APAC and then throughout the rest of the world. While demand for luxury in Asia has had the floor taken from underneath it, there’s still many consumers who are keen to buy luxury when the time comes.
Data from Global Web Index indicates that India, South Africa and China saw the most number of consumers hold off on luxury purchase, the likes of the Japan, France and the UK were most likely to still splash out on high-end products and services during lockdown.
See the full data below:
