Why were consumers in Asia buying luxury handbags during the lockdown?
If there is something the past few months of coronavirus-induced isolation has revealed, it is that people will do just about anything to stave off feelings of colorlessness. Some embark on circuit blistering adventures, some socialise by playing Brute Crossing, and others embrace the solitude past going on deep bouts of soul-searching.
Then there are those who take the means to go online shopping to get showtime dibs on the latest designer handbags from Gucci and Saint Laurent. Co-ordinate to figures provided by luxury e-commerce site Net-a-Porter, as of the month leading up to May 4, sales of its handbags saw a strong growth of 261 per cent in the Asia-Pacific, compared to final year.
But why handbags, when social life has essentially ground to a halt over the past few months and working from dwelling house is likely to be the norm for many people for the foreseeable future?
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While some shoppers may still take reservations about buying clothing or shoes online without trying them on for size first, it is typically much easier to choice a bag just based on its photographs.
"The 2D visual of a pocketbook does a good chore of showcasing how it might look on someone'due south arm, hence the risk of buying a handbag is a little lower," suggested Kapil Tuli, professor of marketing and director of the Retail Center of Excellence at the Lee Kong Chian Schoolhouse of Business at Singapore Management University.
"It's retail therapy. When your social interactions are almost eliminated and stress increases, it is a coping mechanism, simply similar how the consumption of ice cream has gone up," said Tuli.
Online shopping may also be a "compensation mechanism" for some, with travel and vacations more or less grounding to a halt for most.
"Before the pandemic struck, consumers would usually purchase luxury goods abroad where it is cheaper than their home country. With travel restrictions and stay-dwelling house notices, however, purchases are now happening more ofttimes within their habitation country with online shopping fast becoming the new normal," said Diego Dultzin Lacoste, co-founder and CFO of members-only wink auction platform OnTheList.
This surge in bag sales is a vast contrast to an otherwise gloomy retail outlook that is blighting the world. In Singapore, retail sales for the clothes and footwear category plunged by 85.3 per cent in Apr compared to the same fourth dimension period terminal year, co-ordinate to the latest data by the Department of Statistics.
Of course, with many retail outlets around the earth forced to close their doors, it makes sense that online retailers would run across a boost in sales every bit consumers shift their buying patterns.
OnTheList, which has 250,000 members effectually the region, including 22,000 members in Singapore, saw a fifteen per cent growth in consumer traffic in April and May. During this time, it sold 134,000 units of products, including cosmetics, vino and handbags, compared to just 60,000 units over the same time menstruation terminal year.
Still, these purchases may in fact betoken that luxury consumers besides are becoming increasingly price sensitive. Brands including Bulgari, Chanel, Dior, Louis Vuitton and Tiffany & Co. have been, or are in the midst of, hiking the prices of some of their products. Equally such, some shoppers may have decided to make their purchases earlier the toll hikes ready in.
The sizes of the about popular handbags suggest this too. According to Net-A-Porter, shoppers in Singapore favoured small- to medium-sized bags in classic styles, with Bottega Veneta amid the favourites. Other popular designs include Gucci'due south GG Marmont and Dionsys ranges and Saint Laurent's Monogramme, LouLou and Lou styles. All these bags tend to be smaller in size.
Said Tuli, "People are being a niggling more than rational in their purchases past going for the smaller bags which could be perceived as an affordable luxury compared to larger, more expensive handbags."
Nevertheless, regardless of size, those who have made a splurge on a new handbag have one more reason to cheer. With Phase ii well underway, they are now ready to make a trip out to town – with a brand new arm candy in tow.
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Source: https://cnalifestyle.channelnewsasia.com/obsessions/why-were-women-buying-luxury-handbags-during-lockdown-251551
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