Sales of luxury goods worldwide are set to fall by 23 percent to 217 billion euros ($258 billion) this year, their largest decline and first since 2009, due to the fallout from the coronavirus pandemic, consultancy Bain & Co. says.
The expected decline, despite sales recovery in China, is at the lower end of a 20 percent to 35 percent range that Bain’s closely followed industry forecast had predicted in May.
