Why People are Spending More on Luxury during the Crisis.
The U.S reported a downturn of over 40% in fast fashion during March and an encouraging 2% upturn in Luxury spend.
Have you been staying at home as much as possible? We can’t ignore the financial strain this pandemic has also burdened us with. Let's look deeper into why people still spend on luxury during the crisis.
The amount of people affected by this pandemic is shockingly high, in more ways than one. There's also the financial strain. You’d think consumerism would have shifted, but this isn't necessarily the case for all. Yes, we have panic buyers stockpiling loo roll and hand gel, but there’s also been an up curve in luxury sales too. A paradox approach to ‘keep calm and don't carry on’
“People are still ordering made to measure suits and placing bespoke orders during the lockdown as our tailors work from home”
Sales have inevitably dipped for most on the whole, unavoidably due to lockdown with supply chain restrictions etc. We can't undervalue the apparent retail therapy lots have been indulging in. Speaking to Alex Lamb (Brand Director at Kilgour Savile Row) “We Have noticed people are still placing made to measure and bespoke orders throughout the lockdown period. We have relocated our tailors enabling them to work from home’’. A much needed bit of reassurance for Savile Row. “Customers seem reflective and are using their time wisely, by treating themselves. We have felt very supported from our customer base, long-standing trust and loyalty that has been built up over the years is evident” says Lamb.
It seems this form of retail therapy, buying quality items that make people feel good during a global crisis is a coping mechanism. The U.S reported a downturn of over 40% in fast fashion during March and an encouraging 2% upturn in luxury spend.
Do I agree with this ‘shoptomistic’ approach to spending during a crisis? If you can, buying quality that will last a long time is wise and a sustainable effort. These are the people who are going to spur on the consumer-led economy and help us bounce back.
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