Global luxury sales may drop by 60percent, China is becoming the key to rebound

 Global luxury sales may drop by 60percent, China is becoming the key to rebound

After the outbreak of novel coronavirus pneumonia, the luxury industry is in a predicament, with the European market declining and consumer sentiment still on the low side.

Bain said that global sales of luxury goods, including handbags, clothing and cosmetics, were estimated to decrease by 25% in the first quarter compared with the same period last year, and annual sales were expected to decrease by 20% to 35%. Bain also predicted some changes in consumer behavior that may be brought about by the epidemic, such as more people with home home online shopping experience, will still be used to online shopping after the epidemic, the purchasing power of middle-class consumers will decline, and some brands may adjust pricing strategies in time.

On the other hand, the spring edition of the 2020 global luxury industry research report released recently by Bain and the Italian luxury industry association shows that as the epidemic continues to improve, China is becoming a leader in global economic recovery.

The report predicts that by 2025, the contribution rate of Chinese consumers to the global total luxury consumption will reach about 50%, becoming a key engine for the rebound and growth of the global luxury industry. In addition, the share of online channels will be further increased. By 2025, the share of this channel is expected to rise to 30%.

Read more about the Li Ning familys indirect acquisition of bosilon. The purchase price has been greatly reduced by 71% and Valentino has quit Paris fashion week. Readjust the show schedule. Nearly 100000 people queue up for daily sales of over 170 million. This is a bit of a bull. This article is from: Netease fashion editor: Liu Xu nq7809