Luxury sales are falling across regions, and recovery patterns will vary
In Q1, luxury saw steepest declines in China
The luxury market could drop between 15% and 35% in 2020
Luxury will continue to feel the effects in 2021 and beyond
Sales could fall up to 35% this year, but companies can still emerge stronger, more innovative and more purposeful.
The global Covid-19 pandemic has extracted a terrible human toll and spurred sweeping changes in the world economy. Across industries, executives have begun reassessing their strategies and repositioning their companies to thrive now and in the world beyond coronavirus.