The Luxury Industry Is Facing an Eight-Year Rollback Risk
The Boston Consulting Group revised the outlook by again interviewing executives and financial directors of luxury companies in March 2020. Earlier, a consensus forecast suggested sales losses of € 70–90 billion. The segment of personal luxury goods (including clothes, bags, shoes, watches and jewelry) was estimated at the end of 2019 at € 350 billion. In 2020, sales in this segment will decrease to about € 245 billion, according to the Boston Consulting Group
In February, interviewed industry players estimated a decline in sales in 2020 by an average of 10%. Now the likely scenario provides for a drop of 30%.