Of all the changes wrought by the pandemic economy, few categories have been as reshuffled as luxury. Sales of traditional luxury items took a major hit last year, with jewelry, designer apparel and upmarket travel destinations losing 22%, plummeting back to 2015 levels, according to research from Bain & Co.
Yet while millions of Americans have stayed (and continue to stay) at home, a curious resurgence has taken place: Consumers have spent major dollars on personal indulgences, what marketers have sometimes called “everyday luxury” or “affordable luxury.”
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