Sales of luxury products and services decrease US $ 1 billion in 2020
The data comes from an investigation published today by Euromonitor International. The report predicts this will be the niche most affected by the coronavirus pandemic
According to the "Luxury and COVID-19: Effects on Industry" webinar, the global luxury goods market would grow 3% in 2020 to reach more than $ 1 trillion. However, due to the global disruption caused by COVID-19, the industry will decrease 18% in the second quarter of 2020.
Fflur Roberts, head of luxury goods research at Euromonitor International, comments: “Luxury buying behavior, channel dynamics and travel plans are undergoing inevitable changes as a result of the blockades. With the pandemic having a major economic and psychological impact, consumer sentiment will be severely dampened and higher priced items will likely be affected. "
The most affected market is Asia Pacific, and sales in China will decrease 22% in 2020, representing a loss of $ 68 billion. Followed by the United States, with a loss of sales of US $ 52 billion in 2020; while Italy, France and the UK remain bleak as they play an integral role, as key producers and luxury buying access points for wealthy global tourists.
Roberts concludes: "The luxury goods market is most likely to recover relatively quickly in the medium term, with the increase in e-commerce shopping and the convenience of online shopping that convert previous skeptics."
To access the free Euromonitor International webinar, visit: https://bit.ly/2WmezCr