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Changing Scenario of Luxury Industry post Covid 19

JIMS organised a Guest Lecture, where the students of PGDM- Retail Management, batch 2020-22, were addressed by Dr. Bhavna Chadha on 19th November 2020. She is a clinical psychologist by education, with over 20 years of corporate experience, applying her knowledge of human mind to the business world. She is also the founder of “Adhyapan”- the skills hub, an initiative aiming at identifying and developing skills in individuals so they can reach their full potential.

The session started with a small ice breaking session to make students comfortable and understand the importance of luxury industry. The students were surprised after knowing various facts and information on luxury industry. Of the world population only around 5-10% people buy luxury goods for varied reasons. Despite being such a small market, luxury retailers are one of the world’s biggest businesses, in many cases earning more than normal retailers. Luxury industry suffered a little due to the pandemic, as people were more inclined towards spending on normal goods. Before Coronavirus hit the world, the luxury market was expected to cross 300 billion mark by 2022 but this will be slowed down due to impact of coronavirus. However, luxury retail was and still is a promising industry.

Dr Chadha talked more about the details of the world’s biggest luxury market in the world i.e France and its share in the world’s retail market. She believes if Indian population disposable income rises, more of them will start consuming luxury goods as the market trend has shifted from saving to spending. 

This session was very insightful for the students and they look forward for more.