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.
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