IS LUXURY MARKET STRUGGLING AMID A GLOBAL PANDEMIC?

As APAC luxury markets sink by US$2.1bn, brands turn to affordable luxury, says GlobalData Luxury has been one of the most affected industries in the retail sector due to the COVID-19 pandemic. The crisis led to the closure of several luxury stores across the Asia-Pacific (APAC) region, bringing their revenue stream to a standstill during the first half (H1) of 2020. Against this backdrop, brands are turning to affordable luxury to stay afloat and survive in the market, says GlobalData, a leading data, and analytics company. Accor…