Abstract:
Luxury Fashion Consumption after Pandemic: The Case of Turkey While it is still too early to quantify the overall financial damage from COVID-19 on the industry, the pandemic has certainly shaken some fundamental aspects of the luxury industry. Most probably, some of these changes are permanent. The claim extends to brands that have not yet fully transitioned to a vertically integrated distribution model. Moreover, start-ups that need wholesale channels to reach new customers and finance the development of their full collections are in the range. In the face of new challenges, they are likely to adopt aggressive trade and discount policies, which can at least in the medium term undermine the luxury positioning of brands without a concession model. Also, startling and innovative marketing strategies are in the focus of brands. Many luxury fashion brands promoted their new collections by organizing online fashion shows on their websites and social media platforms. As the customer behavior has changed in the course of the pandemic, customer relationship management increased its value in brand management. Sales of luxury fashion products also decreased due to the closure policies and the travel restrictions during the pandemic period. However, studies show that a new customer group, a more conscious and selective customer base with more special tastes, entered the market. In this thesis, we aim to explore the effects of Covid-19 on the luxury consumption using the case of Turkey. A questionnaire was designed to analyze the determinants of luxury consumption during the course of pandemic. The findings reveal that economic conditions are highly effective in consumption behavior in luxury fashion market.
