Learn how to market with the modern consumer’s wants and needs in mind at Commerceweek, July 11–12, with brand leaders from Visa, Uber, TikTok and more. Sign up now to save 35%.
Shoppers who once scrolled Instagram for the next “it” handbag are now spending time scouring Amazon for hand sanitizer. In a year when the focus shifted abruptly from what’s aspirational to what’s essential, luxury brands are looking for a new way forward.
It’s no small task: Consumers are spending less amid a global pandemic and economic uncertainty, according to data from PayPal and Vogue Business. Luxury sales in particular have dropped 21% as shoppers curb their spending and focus on practical goods like cleaning supplies, face masks and sweatpants.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in