SHOPSMART AUTOS – CUSTOMER INFORMATION – JANUARY 13, 2021

Written by admin on . Posted in Audi, Car Specials, Chevrolet, Dodge, Electric Vehicles, Honda, Hyundai, Mercedes-Benz, Nissan, SUV

Luxury after Covid-19: Changed for (the) Good? (PT.4)

The luxury industry will continue to feel the impact of Covid-19 in 2021 and beyond

We also see six consumer trends emerging or solidifying in response to the crisis.

  • More China: 
    Luxury shopping is likely to restart first in China if the virus remains under control there. Continued restrictions on travel will mean that many purchases that would have been made abroad will happen in China.

  • Accelerated shift to digital shopping:
    When safe, consumers will return to physical stores (possibly with a renewed passion for in-real-life experiences), but some digital shopping habits built during the outbreak will stick—especially if brands raise their game in online assortment, user experience and digital marketing.

  • Heightened environmental and social consciousness: 
    Consumer concern about sustainability and social issues is set to continue, consolidating the importance of environmental and social governance. Enlightened brands may rethink the end-to-end product life cycle, supply chain management and disposal of unsold stock.

  • Rise of a post-aspirational mindset: 
    Ethics will become as important as aesthetics as consumers prioritize purposeful brands.

  • Strengthened local pride:
    Public opinion during the outbreak has sometimes stigmatized certain nations, triggering assertive displays of cultural pride in those territories. Brands need to avoid inflaming these local sensitivities.

  • Expanding need for inclusion: 
    Brands will need to use all their ingenuity to revamp their offer at accessible price points, reflecting the reduced spending power of many middle-class customers.
Govern through a new leadership framework To blunt the crisis’s short-term impact and respond to the trends described above, we recommend a three-pronged approach: Govern through a new leadership framework; act to maximize short-term financial, operational and brand resilience; and transform the value proposition and business model for the future. Let’s take the “govern” element first. The pandemic is above all a public health threat. Preventing infection—and supporting those who are infected—will remain the short-term priority for leadership teams in any industry, whatever the cost. That duty extends to employees (at suppliers and business partners, as well as in-house workers) and customers, regardless of whether they are in company offices, stores, event sites or traveling. Companies should emulate best practices in health and safety, even going beyond the legal minimum. They need to demonstrate empathy through their internal and external communications, as well as through actions to support the broader fight against Covid-19 (such as financial and in-kind donations). Yet the outbreak is also an existential threat for many businesses around the world. To protect the health of both their people and their companies, leadership teams need clear, robust and regularly updated information. Contingency planning needs to be well defined and continuously reassessed; it should prioritize actions, lay out the likely timetable and triggers, and assess implications. Make It A Champion Day!

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