General
Dire forecast for global luxury goods sales
Sales of luxury goods worldwide are set to fall by 23 per cent to US$258 billion this year, their largest ever drop and first since 2009, due to the fallout from the coronavirus pandemic, according to consultancy Bain.
The expected decline, despite a strong sales recovery in China, is at the lower end of a 20 per cent to 35 per cent range which Bain’s closely followed industry forecast had predicted in May.
That is due to a bigger than expected rebound during the summer, when lockdown measures were lifted or eased across the world and stores selling high-end handbags, clothes, jewellery and watches were reopened.
However, a resurgence of the pandemic in Europe and the United States since October has led to new restrictions…
-
Noosa News14 hours ago‘Sunny, benign’ school holiday weather after morning showers in parts of Queensland
-
Business15 hours agoWhy is Alphabet stock worth less than Nvidia, Microsoft, Apple, and Amazon even though it is the most profitable S&P 500 company?
-
General21 hours agoMichael Beatty, veteran current affairs journalist and animal welfare advocate, dies aged 76
-
General21 hours agoJordan Thompson retires from Wimbledon round-of-16 match with American Taylor Fritz