Location
Presentation- Parker College of Business
Document Type and Release Option
Thesis Presentation (Restricted to Georgia Southern)
Faculty Mentor
Hope Wallace Simpara
Faculty Mentor Email
hwallace@georgiasouthern.edu
Presentation Year
2021
Start Date
26-4-2021 12:00 AM
End Date
30-4-2021 12:00 AM
Keywords
Georgia Southern University, Honors Symposium, Presentation
Description
The Coronavirus outbreak that occurred in 2020 negatively impacted the whole world. China handled the pandemic better than other countries due to their experience with prior virus outbreaks, SARS and MERS. It is important to research how the Coronavirus outbreak affected and is still affecting China’s economy, as it is a leading role in other countries’ economies as well. Prior to COVID-19, Chinese consumers made up one-third of global spending on luxury goods. Global luxury spending decreased drastically as many were impacted financially, emotionally, and physically. However, China’s success during the pandemic has been predicted to be the largest luxury retail market by 2025. Since traveling measures were restricted during the pandemic, Chinese consumers spent heavily in their luxury retail market instead of other countries which boosted their luxury sales. China has put several measures in place to stay on the top to continue growing and taking over the luxury retail market. They used the pandemic effects to their advantage over other countries from previous experience and having to adapt to drastic circumstances.
Academic Unit
Parker College of Business
The Impact of COVID-19 on China's Luxury Retail Market
Presentation- Parker College of Business
The Coronavirus outbreak that occurred in 2020 negatively impacted the whole world. China handled the pandemic better than other countries due to their experience with prior virus outbreaks, SARS and MERS. It is important to research how the Coronavirus outbreak affected and is still affecting China’s economy, as it is a leading role in other countries’ economies as well. Prior to COVID-19, Chinese consumers made up one-third of global spending on luxury goods. Global luxury spending decreased drastically as many were impacted financially, emotionally, and physically. However, China’s success during the pandemic has been predicted to be the largest luxury retail market by 2025. Since traveling measures were restricted during the pandemic, Chinese consumers spent heavily in their luxury retail market instead of other countries which boosted their luxury sales. China has put several measures in place to stay on the top to continue growing and taking over the luxury retail market. They used the pandemic effects to their advantage over other countries from previous experience and having to adapt to drastic circumstances.
Comments
This work is archived and distributed under the repository's standard copyright and reuse license, available here. Under this license, end-users may copy, store, and distribute this work without restriction. For questions related to additional reuse of this work, please contact the copyright owner.