Study: Luxury goods market down due to COVID-19
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.
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