A recent webinar for professionals in luxury industries saw an online attendance of fifty-five executives. The topic at hand was the same question that’s plagued the first two quarters of 2020: what does the COVID-19 crisis mean for these industries? Already, predictions have pointed to a staggering 600 billion dollar sales drop, a significantly worse hand than was dealt in 2008.
And yet, a post conference poll on the executives’ expectations regarding the impact of COVID-19 on their businesses returned these results: 10% felt the crisis would be negative, 24% were uncertain, and a whopping 64% expected positive change.
Watershed events like COVID-19 accelerate the good and the bad. Tech entrepreneur and investor, Zain Jaffer has this to say about today’s market, “Despair and hope live side by side, instability co-exists with smart investments, and brands are being made or broken under pressure. It’s a complex and ever-changing reality, one