Pandemic Changes Spending Habits
Sunday, November 22nd, 2020 - 11:05 AM
(AP) -Sales of luxury apparel, jewelry and beauty products are set to slide by nearly a quarter this year as the pandemic wipes out more than six years of growth, according to a study released Wednesday by the consultancy Bain.
Still, the drop is narrower than the 35% collapse forecast in the spring, thanks largely to a market recovery in China, which is generating nearly a third of all sales. For 2020, the sector is expected to generate 217 billion euros ($256 billion) in revenues, which is 2 billion euros below 2014 levels and down 64 billion euros from 2019, Bain said in the semi-annual study prepared for Italy’s Altagamma association of high-end producers.
It is the first decrease since the 2009 financial crisis, when the industry suffered a 9% drop but also quickly recovered the following year.
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