What comes next for the global luxury retail world: Bernstein - Business Insider

Since most luxury purchases are made by people who travel, the stronger brands that enjoy "must have" status will be the ones standing tall. Hong Kong is a major Asian market hub for luxury retail trade, especially due to its affordability and cheaper rates compared to mainland China. Last year, protests in Hong Kong hadBernstein says the key to luxury brands surviving will be the adoption of price differentials, like in Hong Kong's case.

This would be the case even if social media activity is high and working remotely requires people to keep up appearances, the study said.Each month of lockdown will cause a dent of 5-6% to GDP, according to Bernstein. Small and medium businesses will be hit hard, many may not survive the shock. The tourism sector will be especially fragile, the report said.

In the near future, even rich people may not be in the mood to spend money, feeling relatively poorer due to the stock market being in doldrums.The good news, Bernstein says, is that investors believe long-term prospects for the luxury sector remain strong and the pandemic will be an interim hindrance.

'Never, ever confuse what happens on a runway with fashion.' Oscar de la Renta

No, no they haven't.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Steps US banks are taking to confront the coronavirus pandemic - Business InsiderBusiness Insider Intelligence has created a matrix that gives a rundown of coronavirus response efforts among the top 10 US retail banks by assets. BIIntelligence Banks are just ongoing criminal organizations!!
Source: BusinessInsider - 🏆 729. / 51 Read more »

Samsung's luxury TV packaging can now turn into cat houses, book racks - Business InsiderSamsung redesigned the packaging of its luxury TVs so the boxes can be turned into cardboard cat houses and books racks Original boxes also work for cats. Don't want the TV but would love the cat house 😃 Great idea!!!! Art from waste!!♥️
Source: BusinessInsider - 🏆 729. / 51 Read more »

NBC launches news show for kids on YouTube - Business Insider - Business InsiderNBC News' Lester Holt is taking on an educational and inclusive news show during a time of confusion for kids in 'Nightly News Kids Edition.'
Source: BusinessInsider - 🏆 729. / 51 Read more »

How small businesses and startups can get government relief funding - Business InsiderEntrepreneurs will have to turn to other sources for emergency aid while they wait for Congress to discuss a fourth stimulus plan.
Source: BusinessInsider - 🏆 729. / 51 Read more »

5 economic recession signals show how fast a slowdown is hitting US - Business Insider'For awhile, we are going to be in territory that was just unthinkable,' Heidi Shierholz, senior economist at the EPI, told Business Insider.
Source: BusinessInsider - 🏆 729. / 51 Read more »