Russian luxury goods market during a pandemic - Beautiful Lifestyle Magazine

Russian luxury goods market during a pandemic

Российский рынок товаров роскоши в условиях пандемии
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Beautiful Lifestyle magazine will tell you about the 6th conference on the luxury goods market of the Franco-Russian Chamber of Commerce and Industry.

On November 20, the VI annual conference on the luxury goods market of the Franco-Russian Chamber of Commerce and Industry (CCI France Russie) was held online, at which industry experts discussed the work of luxury brands during a pandemic, digital business transformation, and legislative news.
The Russian luxury market has been extremely stable over the past twenty years, said Anna Lebsak-Kleimans, CEO of Fashion Consulting Group. However, this year, the pandemic will cut the market for luxury goods for personal use by 23%, and the recovery will begin in only 3-5 years. Further centralization of sales in Moscow, digitalization, and multichannel trade will become drivers of the development of the Russian luxury market.

According to Oleg Kaidalov, CEO of TAG Heuer in Russia, sales of Swiss watches in Russia fell by 33%. However, the TAG Heuer brand was not affected by negative dynamics, and the Russian division of the brand is expected to see double-digit sales growth by the end of 2020.

Despite the crisis, among wealthy people, Private Banking services are still in demand. Ulan Ilishkin, Deputy Chairman of the Board of Rosbank, Head of Rosbank L’Hermitage Private Banking, noted that the concepts of high service and “beauty” are also important for the banking sector. According to the expert, a needed financial solution is consistency, functionality, elegance, and grace. The speaker also pointed out the priority values ​​of a modern wealthy person: creation, development, and inner freedom.

A typical online buyer of luxury goods is a young woman aged 25-34, according to Valeria Nemirova, a representative of Yandex. At the same time, buyers expect the same high level of service online as offline, including a personalized approach, video consultations, and virtual tours of boutiques.

Experts noted that with the growth of online sales of luxury goods, the turnover of counterfeit goods also grows, the main method of combating which is product labeling.

The speeches were closed by Thierry Sellerin, CEO of BuzzFactory, who spoke about ways to promote luxury brands on social networks. According to the speaker, 20-25% of future buyers of luxury brands use TikTok. If a brand wants to be represented on this network, it must accept the fact that it will lose control over content creation and give the initiative to the consumers.

For further information, visit the official website of the conference.

Beautiful Lifestyle magazine always follows the latest business trends. Earlier, we wrote about how Kaspi.kz became the most expensive public company in Kazakhstan.

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