What Path Do Luxury Brands Follow on the Eve of the Economic Crisis?

DOI

10.2991/978-2-38476-170-8_60How to use a DOI?

Keywords

Epidemic Economy; Luxury Business; Global Inflation

Abstract

The detrimental effects of anti-epidemic tactics have persisted since the COVID-19 epidemic began in 2019. Furthermore, the present financial climate has been exacerbated by the energy crisis and the ongoing conflict between Russia and Ukraine. The current challenges encompass limitations on corporate operations, obstacles to rejuvenating the consumer market, sluggish economic growth, stalling in the enhancement of the consumption framework, and a lessening of the impact of consumption on the economy ^[1]. The fashion industrial chain has also taken a hit. In the aftermath of the conclusion of the arduous anti-epidemic efforts implemented over a span of two years, the prevailing political and social climate has reintroduced a sense of uncertainty and complexity to the situation. The current year has witnessed an unprecedented level of tension, posing a significant challenge for the fashion sector.

Therefore, this study focuses on how luxury brands should adapt strategically in a volatile market characterized by uncertainty. Based on the data analysis and literature survey, this paper find the global macroeconomics situation is influenced by the inflation and stagflation, the Covid-19 Pandemic and geopolitical instability. These three factors contribute to some new changes in the luxury business, such as the change of consumer attitude and the change of consumer group and the change of price. Then this paper will undertake an analysis of the development of the luxury business under the uncertain economic condition to form more targeted and valuable insight in formulating future strategies for luxury business.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yunfei Xia
PY  - 2023
DA  - 2023/12/31
TI  - What Path Do Luxury Brands Follow on the Eve of the Economic Crisis?
BT  - Proceedings of the  2023 5th International Conference on Literature, Art and Human Development (ICLAHD 2023)
PB  - Atlantis Press
SP  - 539
EP  - 548
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-170-8_60
DO  - 10.2991/978-2-38476-170-8_60
ID  - Xia2023
ER  -