Will 'revenge spending' save the luxury market?

WHAT'S happening in the luxury industry these days, as the Covid-19 pandemic cuts deep into the global economy? On the one hand, there are reports of "revenge spending" as shopping-deprived Chinese consumers snap up luxury goods after being cooped up in lockdown. On home ground, Singaporeans seem to be online shopping with gusto, gifting themselves and loved ones with pricey pick-me-up presents. On the other hand, global consultants like Bain & Company predict a near-collapse of the global luxury market of up to 60 per cent by June or by up to 35 per cent for the whole of 2020.

With so much uncertainty in Singapore and the rest of the world, is there an end-game in sight for the industry? In Friday's issue of Weekend magazine, we speak to players in various industries, from fashion and dining to travel and art, for their insights and updates. We look at how fashion houses are finding success online while building up their community presence; jewellers are holding out for a rebound and hoteliers are cautiously re-tooling their properties for social distancing amid hopeful signs of recovery. And as diners get used to takeaways and home delivery, some of biggest names in F&B discuss what restaurants in the near future will be like.

In Weekend Interview, meet high-flying Vietnamese-born model Jessica Minh Ahn, who talks about how she built a successful career out of staging eye-popping fashion shows at historical monuments such as the Eiffel Tower and London's Tower Bridge. Elsewhere, find out how to brighten up your Zoom meetings with free virtual backgrounds from Star Wars to Studio Ghibli, and watch Ryan Murphy's new TV show Hollywood, in which he tries to right the racist, sexist and homophobic wrongs of Tinseltown's past.