Have Laptop. Will Travel.
The line between work-life and home-life has blurred, while leisure travel has all but disappeared. However, nearly half of remote workers say they are likely to use a hotel as a workspace in 2021.
Finding Luxury Closer to Home
COVID-19 has impacted all facets of the consumer economy, and the market for luxury goods has not been immune. While luxury consumers may not have experienced the same economic uncertainty as less affluent demographics, the pandemic has forced them to find new ways to find and buy the luxury items they desire.
One area where affluent consumers have been most affected is travel. Our most recent luxury-focused research indicates a dramatic shift in travel plans, which has led to a major change in luxury shopping habits. Our research shows that 7 in 10 luxury consumers canceled planned international travel during COVID-19, and of those, 82% had planned to purchase a luxury item abroad.
This reduction in international travel has led luxury consumers to look closer to home for the luxury items they want—a development that would appear to benefit department stores and more established brands. However, one aspect of international shopping is difficult for local merchants to duplicate: the discovery of one-of-a-kind treasures hand-made by artisans in far-flung locales. If you’d like to speak with our Industry Research Expert and review our study in more detail contact us today.
More Research
A Healthy Interest in Outdoor Adventure Travel
Despite lingering uncertainty surrounding the pandemic, many consumers still feel the need for recreational travel. In July, our Consumer Sentiment Tracking Study found that 23% say that travel is more important than ever, matching the highest level since January.
A Personal Touch: The Unique Appeal of Handmade Luxury
71% of luxury consumers express an interest in handcrafted items. Here's a look at what's driving this trend.