The outlook for the hospitality sector and the luxury glassware/ crystalware segment in the post COVID market scenario

COVID-19 has impacted industries across segments, whether it is a homegrown entity or a brand with a global footprint. The luxury glassware product industry is no exception and has been experiencing the negative impact of coronavirus. Having said that, we have evidence that most of the companies in the service industry who have been able to alter the nature of their product or service have emerged as survivors during these testing time.
Along with household consumers, the hospitality industry including airlines, airline lounges, stand-alone fine dining restaurants to five-star hotels and other high end properties, all of which are extremely crucial for our luxury glassware business and they account for the maximum percentage of demand for luxury glassware brands.
The current world-wide lockdown has severely impacted travel, causing a big slump in the hospitality industry not only in India but worldwide. Due to this, there has been a drop in sales of luxury glassware in Indian subcontinent. For years now, the hospitality leaders and ventures have always kept LUCARIS – The crystal of Modern Asia, at the forefront of their service for exceeding satisfaction levels of wining and dining connoisseurs in India. However, these unaccounted circumstances have led to an unprecedented decline in demand of luxury glassware.
COVID-19 is very likely to bring changes in our society and in the way people live today. Life as we know now may get modified to make apparent adjustments in the economy, digitalization and the way people have been looking at healthcare for all these years. With most consumers being stuck indoors and the stores being closed, the luxury retail industry has to brace themselves for the impact. It could be a while before demand picks up and reach normalcy. This is also due to the economic impact of the lockdown.
At LUCARIS, we believe it is important to keep consumers inspired and passionate in their life at home during this time. We are constantly trying to reach and engage our audience through our creative and informative brand content online. We are confident that Lucaris will emerge stronger out of this COVID-19 crisis with the support of luxury glassware admirers.
In the post COVID era, travel, hospitality and many more industries as well as related suppliers like LUCARIS shall need to adopt a different way of dealing with consumers. Once there is no lockdown, things will gradually return to normalcy possibly with newer perspectives. Consumer preferences shall see a noticeable shift which may indirectly influence the demand of various commodities.
The hospitality industry has been facing a turbulent time like never before. However, demand shall bounce back in V-shape or U-shape that is a gradual rise in demand over a period of time until it stabilizes once again. How quickly and accurately one embraces the change during this period will play a vital role in their growth. At this point, it would be important to adapt to the needs of the customer and embrace the opportunity for development in the right direction.
Consumers are likely to become more conscious towards health and hygiene, thus, there would be a greater inclination towards products and brands that follow strict healthcare guidelines, good packaging standards and tweak their business model to arising trend that embraces automation in production, digitalization in product demonstrations, e-payments and efficient order processing. At LUCARIS, we have geared up to follow all of the above to ensure we meet the changing customer needs.
We are confident that this phase shall pass, and that travel will resume, and the hospitality and luxury retail industries will stand tall. The luxury industry has reinvented itself time and again by quickly adapting to the changes in the society. In the long term, we foresee a more cheerful and healthier lifestyle post COVID-19 where people shall treat themselves with luxury glassware.
At Lucaris, we are known for exceptional customer relationship and service. In these times as well, our customers and their well-being are our utmost priority. We aim to deliver an exceptional lifestyle experience in the best possible way to modernize urban living in India. On the operational side of the business; we shall continue to focus on further developing our products, innovating viable strategies with our online and offline retail partners to ensure the seamless experience.
We have also been using this time to connect with our consumers through digital communication leading to effective brand building and orienting our existing and potential customers about the conscious attributes of the brand such as is eco-friendly and safe compositions. It continues to be the most important part of our brand ethos. We will take our stakeholders along and continue to impart the right knowledge for a better tomorrow. Once the current crisis is over, we are all set to greet and treat hospitality and all distinguished customers in India with exceptional new product range.
As the leading crystalware partner of the hospitality business worldwide, we will continue to uplift our product designs and quality as well as enhance services at all fronts to ensure our food and beverage partners meet expected levels of consumer satisfaction. For the hospitality segment, Lucaris aims to be a strategic partner in the premium hospitality business across Asia by offering unique and authentic experiences through the world class design and quality crystal ware. We have been the preferred partner of leading global hotel chain groups in Asia Pacific including Marriott, Hilton, Kempinski, Accor and Minor Hotels worldwide. In India, Lucaris has already been in luxury brand hotels and restaurants, to name a few, Hyatt Regency New Delhi, JW Marriott Jaipur, Westin Gurgoan, and in Indian Accent Restaurant New Delhi, which is one of Asia’s 50 Best Restaurants 2018. We are striving to maintain and maximize our positioning each day.