Photo by Arturo Rey on Unsplash
Since 2001, the luxury industry has experienced a significant amount of change. From years of democratization and the Chinese shopping frenzy to the financial crisis of 2007-2008 and changes the COVID-19 pandemic has brought to the sector, luxury companies are forced to adapt to the changing market — or be left behind. With nowhere to go and a significant amount of time to buy at home in 2020, luxury goods consumers — at least according to the Robin Report — began pushing the sector into a new age of conscientious luxury, not conspicuous luxury, which had been the market’s driving force for the last 50-plus years.
