Consumers may be looking for trust from retailers amid the coronavirus, as a small but significant share of them noted before the crisis that trust in a brand (aside from price) is the top reason they shop at a retailer. Some merchants have had to take the role of trusted advisor, while select luxury retailers have deemed it necessary to reduce prices to keep inventory moving. And some luxury brands are retooling their manufacturing processes to assist with the coronavirus crisis. All this, Today in Data.
Data:
$112B: Value of the Chinese luxury market.
68 percent: Share of consumers who will be loyal to a brand when it is “trusted on product, customer service and societal impact.”
43 percent: Portion of Americans who trust the media.
14 percent: Share of respondents who said trust in a brand is the top reason (other than price) why they shop at a retailer.
4 percent: Estimated portion of luxury goods revenue that eCommerce represents.
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