Proceedings of the 2022 International Conference on Urban Planning and Regional Economy(UPRE 2022)

Analysis of the Impact of the Epidemic on the Luxury Goods Industry and Countermeasures

Authors
Qingyi Shen1, *
1University of Durham, Durham, United Kingdom, DH1 3LE
*Corresponding author. Email: hqvp37@durham.ac.uk
Corresponding Author
Qingyi Shen
Available Online 16 May 2022.
DOI
https://doi.org/10.2991/aebmr.k.220502.091How to use a DOI?
Keywords
Pandemic; Luxury goods; strategy
Abstract

Covid-19 has had a profound impact on various industries. This article analyzes the impact of Covid-19 on the luxury industry and presents possible solutions to mitigate the current industry downturn. The following conclusions can be drawn that the sudden shock of the pandemic causes slower economic growth, lower employment, and negative public expectations. All these factors lead to the negative trend of economic development in the luxury industry. At the same time, some solutions are given. Luxury firms can give up traditional handmake mode and turn to the modern machinery production to increase efficiency and decrease costs. The method that expands the brand image to the light luxury concept and launches cross brand products can help the firm to enlarge its customer groups and attract more demands.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article distributed under the CC BY-NC 4.0 license.

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Volume Title
Proceedings of the 2022 International Conference on Urban Planning and Regional Economy(UPRE 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
16 May 2022
ISBN
978-94-6239-578-7
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.220502.091How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article distributed under the CC BY-NC 4.0 license.

Cite this article

TY  - CONF
AU  - Qingyi Shen
PY  - 2022
DA  - 2022/05/16
TI  - Analysis of the Impact of the Epidemic on the Luxury Goods Industry and Countermeasures
BT  - Proceedings of the 2022 International Conference on Urban Planning and Regional Economy(UPRE 2022)
PB  - Atlantis Press
SP  - 512
EP  - 516
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220502.091
DO  - https://doi.org/10.2991/aebmr.k.220502.091
ID  - Shen2022
ER  -