Fluctuations & Motivations in Spending Globally
With economic uncertainty looming in countries globally, we’ve seen fluctuations in spending in regions around the world. We looked at how uncertainty caused by COVID-19 has potentially impacted global spending month to month, finding that spending has stayed flat in some regions, and seen sharp declines in others. We were also curious about consumers’ motivations to shop for luxury goods and designer fashion right now. Were those motivations practical or emotional, driven by promotional incentives or other factors? Here is what we found.
GEO PATTERNS IN LUXURY SHOPPING
European countries saw flat spending in March, and the steepest decline of all regions in April.
While all regions have seen a decline in daily average spending in April, we were curious when spending in certain regions began to decline. Regions including New York, Illinois, and the UK began seeing luxury spend decline in March, while regions like California, Florida, and Texas saw growth in spend through March, before declining in April. Meanwhile, European countries saw flat spending in March, and the steepest decline of all regions in April.