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Global luxury sales anticipated to decline by 23% due to pandemic

Global luxury sales anticipated to decline by 23% due to pandemic

Sales of luxury apparel, jewelry and beauty products are expected to decline by almost a quarter this year as the pandemic erodes six years of consecutive growth, states a study released on Wed. by the consultancy Bain. However the drop is lower than 35% decline forecasted in the spring, primarily owing to market recovery in China, which is generating nearly a third of all sales.

Milan
Milan
Top in Business