Manage episode 285954769 series 1161382
The Coronavirus pandemic has had a serious impact on the global luxury market. According to Euromonitor International’s latest research, the global luxury market has shrunk by 15 percent in current value terms in 2020. However, Asia Pacific has shown quick recovery, and is poised to have a strong rebound in 2021. To survive in this challenging environment, international luxury brands are increasingly focusing on engaging with affluent Asian consumers. In this podcast, Euromonitor discusses the drivers of the quick recovery of the Asian luxury market with examples of brands putting extra effort into expansion in this region.