It has been a difficult year for luxury shopping worldwide; according to a recent report by Bain & Co. global luxury sales will drop by up to 35% by the end of this year. While countries like China will experience a rebound (luxury retail is already showing signs of recovery), the US and EU are not expected to recover any time soon. Where will India fall amongst these countries, and more importantly, how will you engage in luxury shopping as the pandemic continues?
A prime option is to shift your buying to India. While many stores remain closed, art events cancelled, and fashion shows postponed, brands are merging online and offline retail channels to maintain consumer sentiment and sales. You can find many of your favourite brands selling online or through online stores and platforms. Moreover, you can find local companies making high-quality products as they establish their brand in the market. The advantage of buying in India is you can buy right now, don’t have to wait for long shipping periods contingent on imports, and can even arrange for in-person visits to check out your latest purchase, such as a Rolex watch for example. The downside is that many international brands have limited stock, narrower selections, and older seasons. Additionally, high duties are a part of the costs you have to bear as a consumer.
This presents another option: staving off buying till your next international trip for vacation shopping and duty-free airport purchases. Vacation shopping is a crucial part of luxury purchases. It is so often that you may consider buying your next LV bag or belt from an international boutique with your family, benefitting from the much newer collections and wider selections while avoiding the additional price hike observed in India.
But is it really worth waiting when the 21st century can offer great alternatives to in-person shopping through technology? Sitting at home, weary of the lockdown blues and exhausted by the dull, monotonous routines of the household, “revenge buying” is a comforting reality. Shopping at home to make up for months of missed dinners, parties, vacations, and celebrations is a superb alternative to bring back some excitement during the lockdown.
This is an easy experience due to advances by luxury retailers who have found alternative shopping experiences. To maintain the interactive nature of fashion weeks, for example, all the shows from Paris Fashion Week are available online. Further, brands are presenting their catalogues at online exhibitions. Popley has been a part of this wave, recently participating in online shows! Brands are even pursuing WhatsApp Catalogues and sales, and social media e-commerce, such as sales through platforms such as Instagram. While the experience is not nearly the same as being in-store and viewing necklaces, watches or belts in person, these are still viable options to browse the latest collections and stay in touch with the newest trends. Further, patrons with a clear idea of what they want can still indulge in purchasing beautiful sets or pieces through these online media, enjoying the satisfying and much-deserved splurge of revenge-buying in an otherwise unfortunate and slow year of being home during the pandemic.