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Beyond traditional destinations: With a shift in Chinese tourist preferences, US tourism officials face scramble for new wave of visitors seeking unique and shareable experiences.
From the beaches of Oahu to the bustling streets of Manhattan, American tourist hotspots now face a significant economic challenge: a sharp decline in Chinese tourists, a critical demographic known for its substantial spending power.
Read moreStella McCartney, Louis Vuitton and Chanel perceived as most sustainable.
While sustainability has gained traction as a global issue over the last several years, the COVID-19 pandemic accelerated and amplified this focus across the luxury sector.
Read moreThe Covid-19 pandemic has shaken up nearly every consumer category, influencing new behaviours, stifling some industries and inspiring growth in others. Emerging trends in the luxury sector suggest extravagance is being usurped by nostalgia and sustainability.
Dynamics within the luxury sector are changing. If you’ve found yourself slipping on your father’s vintage watch this year or gazing at sepia-tinted photos of past holidays, you’re not alone. In a study published in the journal Frontiers, researchers found that nostalgia enhances well-being and feelings of social connection. Given the impact that Covid-19 has had on the way we live, work and shop, it is unsurprising that imposed isolation during the pandemic has fuelled nostalgia-driven luxury purchases…
Read moreMore than one-third of the wealthy consumers have questioned their level of luxury consumption as a result of the COVID-19 pandemic, suggesting that this highly attractive demographic is doing some soul-searching about how to live their lives after the health crisis.
Read moreNEW YORK – Luxury brands have an opportunity to own more of the circular economy either through partnerships or directly operated services, as consumers open up to secondhand goods and alternative ownership.
Read moreGenerations Y and Z will account for 130 percent of luxury market growth through 2025, but brands need to stay cognisant that these consumers have evolving views of ownership.
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