Advertisement

Study: Luxury goods market down due to COVID-19

(MGN Image)
(MGN Image)(WJHG)
Published: Nov. 19, 2020 at 10:10 AM EST
Email this link
Share on Pinterest
Share on LinkedIn

GREENVILLE, N.C. (NBC) - The global luxury goods market is down 23% in 2020, contracting for the first time since 2009, according to Bain and Company’s 19th Luxury study.

Due to the coronavirus pandemic, there has been a pause in global travel. People who used to splurge on vacation are spending money locally or online instead.

Europe tourism spending is down 36%, and down 27% in North America.

Personal luxury goods sales are down as well, especially watches and apparel.

Bain and Company predicts the luxury industry will recover by 2022-2023.

Experience-based goods like fine art, private jets, yachts and fine wines are expected to recover at a faster pace than personal goods.

Copyright 2020 WITN. All rights reserved.