REFLECT – RESET – PLAN
The global pandemic has taken us hostage longer than we had expected. The impact is widespread, deeper and unfortunately timelessly unbounded. The positive aspect is, we all are in it together and nature is un-winding in a rather ruthless manner; but still not as ruthless as we treated nature. Respecting humanity, nature and wellbeing beyond color, borders and ethnicity must be learned. We all realize that we will not be able to survive another tough lesson.
As a luxury observer and specially on the subject of FUTURE OF LUXURY, let’s contemplate on the aftermath of this unraveling episode of virus driven global economic downturn. Anyways, we are all in a dire need of positivity and a feel-good factor within and around us.
I have to start from the beginning and that’s undoubtedly, China. For the Chinese it is the beginning of the end game with their sheer resilience as a nation against the mammoth virus encounter. Without any preconceived intentions, China has created the global learning platform twice. First, how to deal and conquer unimaginable enemy and second, how to rebound on luxury shopping spree. Shoppers are queuing in front of a Chanel flagship store in Beijing and there are 80% of the mall visitors who are visiting more than once a week. This surely is a LUXURY LIBERATION and shows us the light at the end of tunnel.
This phenomenon looks logical as desperation creeps in on both sides, shoppers and brands. Brands will expand their offerings in fashion that endeavors to cover up some percentage of the unexpected loss. Juicy sales, discount plans, value added offers and multiple buying schemes will be disguised in favors and compensation for their loyal customers. Consumers will adopt SHOPPING THERAPY and REVENGE SPENDING techniques to overcome this quarantine nightmare. Need base shopping will surely be a reality but this will be overshadowed heavily by psychological satisfaction of galivanting in malls, trying various options and window shopping.
Luxury travel sector will take its time to get to normality as different countries will return to “Business as Usual” with their own particular cultural and social fabric. There will be reluctant travelers except those who got stuck at the wrong side of the map. This pattern swings in favor of national industry where the first surge in spending will be within local market then foreign. Historically, this is the best progression module for any economy where initially spenders strengthen the local economy and then subsequently heads to overseas.
As an optimistic and futuristic individual, we must REFLECT on our actions as humans, RESET our lifestyles and PLAN for the next page of global well-being as a universal citizen. Nature has its unique way of telling us that we are all in it together.
We weren’t paying attention earlier.