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…