With Neiman Marcus reportedly teetering on bankruptcy, surging unemployment figures and mandated store closures across the country, recent retail headlines have painted a gloomy future for the industry. The indulgent, nonessential nature of luxury retail, at first glance, should place the sector in even hotter water.
But from vintage Hermes bags to sweatsuits that cost upwards of $1,250, luxury e-tailer Moda Operandi says its current bestsellers are proof that the luxury shopper is a different animal, even during the COVID-19 crisis. The Moda Operandi report found that amid all the uncertainty, the luxury shopper is still on the hunt, particularly for high-value timeless products.
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