Luxury Sales in the Global Scope Can Fall Up to 60% !

Luxury Sales in the Global Scope Can Fall Up to 60% !

A new report from Bain & Company claimed that global sales of personal luxury goods could drop by up to 60% in the second quarter due to coronavirus pandemics. The virus outbreak forced many countries to close most shops and keep people inside as much as possible. Bain said estimated sales for 2020 are expected to range from an estimated 281 billion euros in 2019 to 180 billion euros to 220 billion euros (about 195 billion - $ 239 billion). Bain & Company said in a new report released on Thursday that global luxury sales will lead to a collapse in the next few months due to the increasing demand for coronavirus pandemic destruction. According to the consulting firm, sales of personal luxury goods (clothing, jewelry, watches, beauty products and accessories) will drop by about 50% to 60% in the three months ending in June. According to the International Monetary Fund, millions of people around the world have lost their jobs and the world is `` experiencing the worst economic crisis since the Great Depression. '' While some of these stringent measures have been mitigated in many places, Bain predicted a complete contraction of 20% to 35% for the personal luxury market. Estimated sales for 2020 are expected to range between 180 billion euros and 220 billion euros.