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Research on the Current Situation and Development Direction of China's Luxury Goods Industry Under the Regular Epidemic-Taking LVMH as an Example

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

Listed:
  • Lefu Wei

    (International College of Xiamen University)

Abstract

ABSTRACT The outbreak of COVID-2019 brought about an economic crisis that swept the world. Until now, we entered the phase of normalization of the epidemic, but the unchanged circulation of people still limits our economic development. The impact of the epidemic was far-reaching, and until now, China's economy has remained depressed. Miraculously, China's luxury goods market has seen an explosion after the epidemic. But this growth was caused by external factors and without a change in its strategy, this growth due to the epidemic will gradually slow down in the foreseeable future. Therefore, in order to help the luxury industry to develop new strategies and find new space for growth, take LVMH as an example., this paper analyses the unique advantages of LVMH through SWOT analysis method and provides solutions for the future strategic development of luxury brands by combining the consumer psychology, demographic structure, and national policies in China today.

Suggested Citation

  • Lefu Wei, 2022. "Research on the Current Situation and Development Direction of China's Luxury Goods Industry Under the Regular Epidemic-Taking LVMH as an Example," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 917-922, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_135
    DOI: 10.2991/978-94-6463-036-7_135
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