The global luxury industry is set to contract between 20 per cent and 35 per cent in 2020 amid the novel coronavirus pandemic.THE global luxury industry is set to contract between 20 per cent and 35 per cent in 2020 amid the novel coronavirus pandemic.
The market for personal luxury goods has also declined by 25 per cent in the first quarter of 2020, according to estimates in a Bain & Company report released on Friday in collaboration with Fondazione Altagamma, an Italian luxury goods manufacturers' industry foundation. There was a strong start to the year for the industry in all key regions - mainland China, Europe, America - which was quickly offset by virus-related lockdowns and the collapse of tourism amplifying the decline in Europe.All categories have seen declines, with accessories being the most resilient. Watches fell the most due to a lack of online sales platforms to offset shutdowns of physical channels.
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