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Pforzheim (dpa / lsw) - According to an expert, the Corona crisis is also driving online sales of luxury products.
In Asia, the importance of Internet trading in the luxury segment was already much greater than in the West, said the first luxury professor in Germany, Fernando Fastoso, from the Pforzheim University.
"The reluctance to buy online in the luxury segment has now become much smaller."
From Fastoso's point of view, luxury shops in the cities will always play a major role, "because you certainly don't order your first luxury watch on the Internet".
As a further consequence of the pandemic, he expects luxury to become more important for oneself: "The crisis will increase the importance of luxury in private life."
Luxury always has a social and a private benefit component.
“Many think that luxury is only ostentation that users of luxury products only want to show off.
But that's only the case with some products and some customers, ”said Fastoso.
A luxury handbag or a luxury car would be consumed in public, the external effect plays a major role in their choice.
"With other products, on the other hand, such as an expensive luxury night cream, there is no social benefit."
Because people in the crisis concentrate on the essentials in life, the importance increases here.
This also includes the question of how brands address socially important issues of the time: Are they acting sustainably?
Are you committed to fair working conditions?
“Some jewelry manufacturers only use ethical gold in their products.
Others support initiatives to fight child poverty, for example, ”said Fastoso, who took over the endowed professorship for brand management, especially high class and luxury brands, in September.
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Worldwide, sales of luxury companies collapsed last year as a result of the crisis.
"According to estimates by 20 percent," said the 46-year-old.
"They feared higher losses."
Many people who had less to spend on luxury experiences like travel would have invested more money buying luxury products.
The idea that only the rich consume luxury is outdated, according to Fastoso.
“That was perhaps a hundred years ago, when only the aristocracy and the upper bourgeoisie could afford luxury.
Today, luxury brands also appeal to groups of buyers for whom buying a luxury product remains an exception - a special gift for others or even yourself. "
That could be called the democratization of luxury, he said.
For example, a distinction is made between affordable luxury and “super-luxury”.
© dpa-infocom, dpa: 210125-99-156507 / 2
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