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.

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