Research on the Impact and Strategy Optimization of COVID-19 on the Development of China’s Luxury Industry

Research Article
Open access

Research on the Impact and Strategy Optimization of COVID-19 on the Development of China’s Luxury Industry

Yifei Hu 1* , Jiayi Ruan 2 , Xinmiao Yu 3
  • 1 University of Monash    
  • 2 Vacaville Christian High School    
  • 3 Qingdao University    
  • *corresponding author 29365@go-vcs.com
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/8/20230320
AEMPS Vol.8
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-43-0
ISBN (Online): 978-1-915371-44-7

Abstract

COVID-19 makes the economy around the world face a big issue; also, COVID-19 accelerates the development of digital businesses to provide convenience and benefits. More and more stores lose customers, and some close down. People may think about is the luxury brand has been affected by this situation. This paper will focus on what luxury brands face and how they can solve it. This paper uses a survey, comparative, and chart analysis to explain. Nowadays, luxury brands are losing their customers, not having a chance to join the online market, and more and more people cannot hold on to the high price to shop for luxury goods. This paper will provide three resolves to help the luxury brand recover from the hurt, e-commerce, producing a specific app, and giving up some of their customers to protect their brand quality. This research can give some advice to help people change their purchasing behaviors because they must adapt to the environment.

Keywords:

China, luxury industry, consumer behavior, strategy optimization, COVID-19

Hu,Y.;Ruan,J.;Yu,X. (2023). Research on the Impact and Strategy Optimization of COVID-19 on the Development of China’s Luxury Industry. Advances in Economics, Management and Political Sciences,8,240-247.
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References

[1]. Ren, Xuefei. “Pandemic and lockdown: a territorial approach to COVID-19 in China, Italy and the United States.” Eurasian Geography and Economics 61.4-5 (2020): 423-434.

[2]. Roggeveen, Anne L., and Raj Sethuraman. “How the COVID-19 pandemic may change the world of retailing.” Journal of retailing 96.2 (2020): 169.

[3]. Gu, S., Ślusarczyk, B., Hajizada, S., Kovalyova, I., & Sakhbieva, A. (2021). Impact of the covid-19 pandemic on online consumer purchasing behavior. Journal of Theoretical and Applied Electronic Commerce Research, 16(6), 2263-2281.

[4]. Zhou, Q. "Luxury Market in China." Metropolia Ammattikorkeakoulu (2011).

[5]. D’Arpizio, Claudia, et al. “Luxury after Covid-19: changed for (the) good.” Bain & Company (2020).

[6]. Xie, Jiali, and Chorong Youn. “How the luxury fashion brand adjust to deal with the COVID-19.” International Journal of Costume and Fashion 20.2 (2020): 50-60.

[7]. Chen, Y., Ma, Y., & Xu, J. Research on the Marketing Strategy of the Fashion Luxury Industry in the Post-epidemic Era——Taking GUCCI as a Case.

[8]. Pang, Wonbae, et al. “Impact of COVID-19 pandemic upon fashion consumer behavior: focus on mass and luxury products.” Asia Pacific Journal of Marketing and Logistics (2021).

[9]. Christodoulides, George, and Nina Michaelidou. “Guest editorial: Advancing research on global luxury consumption.” International Marketing Review 39.2 (2022): 145-148.

[10]. Crl, A, et al. “Perceived luxurious values and pay a price premium for Michelin-starred restaurants: A sequential mediation model with self-expansion and customer gratitude.”.

Cite this article

Hu,Y.;Ruan,J.;Yu,X. (2023). Research on the Impact and Strategy Optimization of COVID-19 on the Development of China’s Luxury Industry. Advances in Economics, Management and Political Sciences,8,240-247.

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About volume

Volume title: Proceedings of the 2nd International Conference on Business and Policy Studies

ISBN：978-1-915371-43-0(Print) / 978-1-915371-44-7(Online)
Editor：Javier Cifuentes-Faura, Canh Thien Dang
Conference website: https://2023.confbps.org/
Conference date: 26 February 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.8
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Ren, Xuefei. “Pandemic and lockdown: a territorial approach to COVID-19 in China, Italy and the United States.” Eurasian Geography and Economics 61.4-5 (2020): 423-434.

[2]. Roggeveen, Anne L., and Raj Sethuraman. “How the COVID-19 pandemic may change the world of retailing.” Journal of retailing 96.2 (2020): 169.

[3]. Gu, S., Ślusarczyk, B., Hajizada, S., Kovalyova, I., & Sakhbieva, A. (2021). Impact of the covid-19 pandemic on online consumer purchasing behavior. Journal of Theoretical and Applied Electronic Commerce Research, 16(6), 2263-2281.

[4]. Zhou, Q. "Luxury Market in China." Metropolia Ammattikorkeakoulu (2011).

[5]. D’Arpizio, Claudia, et al. “Luxury after Covid-19: changed for (the) good.” Bain & Company (2020).

[6]. Xie, Jiali, and Chorong Youn. “How the luxury fashion brand adjust to deal with the COVID-19.” International Journal of Costume and Fashion 20.2 (2020): 50-60.

[7]. Chen, Y., Ma, Y., & Xu, J. Research on the Marketing Strategy of the Fashion Luxury Industry in the Post-epidemic Era——Taking GUCCI as a Case.

[8]. Pang, Wonbae, et al. “Impact of COVID-19 pandemic upon fashion consumer behavior: focus on mass and luxury products.” Asia Pacific Journal of Marketing and Logistics (2021).

[9]. Christodoulides, George, and Nina Michaelidou. “Guest editorial: Advancing research on global luxury consumption.” International Marketing Review 39.2 (2022): 145-148.

[10]. Crl, A, et al. “Perceived luxurious values and pay a price premium for Michelin-starred restaurants: A sequential mediation model with self-expansion and customer gratitude.”.

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