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The Impact of COVID-19 on the Luxury Market and the Prediction of the Pattern in the Epidemic and the Luxury Market

In: Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)

Author

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  • Yifan Yu

    (Jiaxing senior high school BC offshore)

Abstract

Due to the impact of COVID-19 on the economy, the general environment is depressed, resulting in an overall weak market and weakened consumer purchasing power due to the epidemic. Luxury goods, on the other hand, is a relatively blank area, but very representative. Luxury goods are typically non-essential goods, and we can observe the development and fluctuation of the economy through luxury goods. the impact of COVID-19 on the luxury goods industry and how much the luxury goods industry was affected. By analyzing the financial reports of luxury head groups in different years, and by comparing the impact of previous epidemics on the luxury market. It proves the great impact and exact extent of the epidemic on the luxury goods market, as well as the prediction of the possible direction of the luxury goods market in the future, and summarizes the patterns that exist in the luxury goods market and the epidemic. Financial reports come from the official websites of these companies. The conclusion of this paper is that the epidemic has had a very negative impact on the luxury market and that the luxury market will remain depressed for some time. But after that, it may cause a rebound.

Suggested Citation

  • Yifan Yu, 2023. "The Impact of COVID-19 on the Luxury Market and the Prediction of the Pattern in the Epidemic and the Luxury Market," Advances in Economics, Business and Management Research, in: Hrushikesh Mallick & Gaikar Vilas B. & Ong Tze San (ed.), Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022), pages 1317-1322, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-098-5_149
    DOI: 10.2991/978-94-6463-098-5_149
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