//The Most Sought-after Luxury Brands in Lockdown

The Most Sought-after Luxury Brands in Lockdown

Lavish Lockdown: The Most Sought-after Luxury Brands in Lockdown

The global luxury goods market is currently worth 283,979 million dollars, and the market is expected to grow by 7.4% each year (between 2020 and 2023). 

The luxury goods sector encompasses a wide range of products, ranging from watches and footwear, to clothing and cars. For those with the funds, the sky’s the limit in terms of what you can buy. More often than not, the more bold and lavish the purchase the better.

However, COVID-19 hit the world and almost every industry has been either positively or negatively affected. For the average consumer, purchasing a new designer handbag is probably the last thing on their list during these unprecedented times – but is the same true for the ultra-rich?

To find out, we’ve analysed the search trends around the world’s biggest and best luxury clothing, car, jewellery and cosmetics brands. This will help us see which luxury brands people still want to get their hands on in lockdown…


Fashion Brands 

According to Luxe Digital, the most popular luxury fashion brands worldwide are:

  1. Gucci
  2. Louis Vuitton
  3. Chanel
  4. Dior
  5. Balenciaga

The luxury fashion market is now worth over 90 billion dollars, and consumers across the world are willing to drop tens of thousands to snap up the latest designer drops. 

We analysed the changes search trend data between April 2019 and April 2020 to see which luxury fashion brands people want to get their hands on in lockdown.

Brand:Year-on-Year Change:
1. Balenciaga & Dior200% increase in monthly search volume
2. Louis Vuitton50% increase in monthly search volume
3. Chanel 49% increase in monthly search volume
4. GucciNo change


Cosmetics

Looking good is all part of the luxury lifestyle, so it’s no surprise that the global prestige cosmetics and fragrances sector is worth over 85 billion dollars.  

Luxury makeup brands such as Dior and Lancome have previously dominated the market, however, newer brands such as Charlotte Tilbury have entered the sector and made a significant impact. But which brands are people looking to in lockdown? We took a look at searches for the most influential luxury beauty brands to find out.

Brand:Year-on-Year Change:
1. Charlotte Tillbury200% increase in monthly search volume
2. Dior (Makeup)84% increase in monthly search volume
3. Nars83% increase in monthly search volume
4. Laura Mercier49% increase in monthly search volume
5. Lancome 22% increase in monthly search volume


Cars

A rare or expensive car is the ultimate accessory for a fan of the finer things in life. On the lower end of the scale, brand new luxury cars can start at £20,000-£30,000 upwards. However, when money is no object, a luxury car such as a Bugatti can cost several million pounds. 

It’s no secret that the car industry has been hit significantly by the effects of COVID-19, but is the same true for the ultra-rich? We’ve taken a look at some of the top luxury car brands worldwide to see which car manufacturers seem to be bucking this trend.

Brand:Year-on-Year Change:
1. Ferrari49% increase in monthly search volume
2. Lamborghni22% increase in monthly search volume
3. BMW18% increase in monthly search volume
4. Mercedez-Benz & TeslaNo increase in monthly search volume


Jewellery

A glistening diamond ring or necklace is the ultimate signal of luxury. Traditional white diamonds have always been popular amongst the rich and famous, however, rare alternatives such as tanzanites, sapphires and emeralds are equally as eye catching, and often, more expensive. 

According to WPDiamonds, the top 5 designer jewellery brands in 2020 are:

  1. Tiffany & Co.
  2. Harry Winston
  3. Cartier
  4. Chopard
  5. Van Cleef & Arpels

We’ve taken a look at these brands in closer detail to see which jewels the rich are searching for in lockdown:

Brand:Year-on-Year Change:
1. Tiffany Co49% increase in monthly search volume
2. Cartier22% increase in monthly search volume
3. Harry Winston, Chopard & Van Cleef and ArpelsNo change in monthly search volume


The Winners and Losers

From this we can see which brands have managed to sustain interest online during COVID-19, these are:

  • Balenciaga
  • Dior
  • Charlotte Tilbury
  • Ferrari
  • Tiffany & Co

One thing that these brands have in common is that they have a strong online presence and all (except Ferrari) have an e-commerce store. Therefore, this has likely helped them to sustain online demand during the pandemic. 

On the other hand, many luxury brands have experienced no change in online search volume, this includes:

  • Gucci
  • Mercedes Benz
  • Tesla
  • Harry Winston
  • Chopard
  • Van Cleef and Arpels

There are many reasons why searches around these brands have stayed the same. For example, many car showrooms have been closed during the pandemic, so this trend is likely to be the same across the whole car industry. 

However, for luxury jewellery brands such as Harry Winston, Chopard and Van Cleef and Arpels, this has highlighted just how important having an online presence is. For example, these three brands all have fewer social media followers than other brands such as Cartier and Tiffany and Co, and Harry Winston doesn’t even have it’s own e-commerce site.


What Will the Luxury Sector Look Like Post COVID-19?

Overall, sales across the luxury sector worldwide fell as a result of the pandemic, but the industry is set to bounce back at a fast rate. 

In order to keep up with online demand, analyst firm Bain & Company have predicted that there will be a rapid shift towards online shopping as we transition back to normality. In addition to this, they have predicted that consumers will demand more accessible price points. 

The in-store shopping experience will be transformed completely, as for the time being, consumers will not be able to try on clothes, shoes or bags. However, we predict that this won’t deter the consumer from the in-store shopping experience, as this is part of the appeal of buying luxury goods.

By |2020-07-07T08:36:55+00:00July 7th, 2020|Uncategorized|0 Comments