Luxury Goods

Luxury goods was among the industries hardest hit by the Coronavirus (COVID-19) pandemic with sales damaged by temporary store closures, travel bans and weakened consumer spending. In addition, the pandemic also accelerated a channel shift to ...

After maintaining current value growth throughout the review period, in 2020 luxury goods has turned to significant decline. The arrival of COVID-19 in the country in the first quarter of the year led the government to impose a two-month nationwide ...

Malaysia declared a Movement Control Order (MCO) between 18 March and 4 May 2020 which resulted in a total lockdown of the country. During this time, consumers were only allowed to travel to shop for essentials such as groceries. Furthermore, ...

The COVID-19 pandemic had a mixed impact on the luxury goods market in South Korea in 2020. While all categories saw a weakened performance compared with 2019, not all dropped into negative growth territory. Experiential luxury suffered due to the ...

The COVID-19 pandemic led to a dramatic decline in sales of luxury goods across categories in 2020. The lockdown and social distancing measures enforced to curb the spread of the disease meant that consumers were confined to their homes and unable to...

The Hong Kong luxury goods market experienced a marked decline in sales in 2020, as the COVID-19 pandemic exacerbated the already challenging conditions resulting from the civil unrest that began in the previous year. The sharp fall in the number of ...

Canada’s response to controlling the pandemic has been moderately stringent, according to the University of Oxford’s study of the relationship between the number of COVID-19 cases and governments’ response. Luxury goods in Canada suffered strongly ...

While the government of Sweden did not implement a strict lockdown, relying instead on the good judgement of its citizens while recommending social distancing, avoiding public events and self-isolation, the Public Institute of Health recommended that...

COVID-19 will have a significant negative impact on sales of luxury goods in Switzerland in 2020, although there are set to be marked differences by category. There are a number of factors driving decline in the total market. Switzerland is set to ...

Luxury goods was one of the consumer goods industries hardest hit by the COVID-19 pandemic during 2020. The fact that sales of luxury goods are intrinsically tied to the premium retail experience became a major Achilles’ heel for the entire industry ...

Overall luxury goods experienced a significant contraction due to the imposition of a state of emergency in Japan during April and May. During this time, non-essential stores closed or reduced their operating hours. The closure of the country’s ...

Although in the past, luxury goods have often been regarded as recession-proof, given the high percentage of high net worth individuals who purchase these products, the global coronavirus (COVID-19) pandemic has created unprecedented challenges for ...

In March 2020, the government of Argentina took swift action to close their borders in response to the outbreak of COVID-19, halting international travel. Stay-at-home orders meant consumers were adapting to new lifestyles with working from home and ...

Following a robust performance in 2019, luxury goods is set to record a significant value decline of 14% in 2020, compared to the strong growth of 12% in 2019. As the COVID-19 virus spread across Germany, the government installed a lockdown from ...

Overall, the Taiwanese luxury goods industry has not been severely impacted by the COVID-19 pandemic as most product areas will only see slight slowed growth and will continue to flourish considerably regardless of the crisis. The main reason for ...

Although the category performed well in 2019, when Paris regained its position as the world capital of luxury goods, 2020 brought a drastic decline in sales for categories in luxury goods. Following the outbreak of COVID-19, France entered a period ...

COVID-19 ended nearly three decades of uninterrupted growth in Poland, with consumers optimism and their willingness to buy luxury products dropping significantly. Overall, there was a double-digit drop in value sales in 2020. In terms of luxury ...

Luxury goods suffered considerably from the effects of the COVID-19 crisis in 2020. Following the outbreak of the COVID-19 pandemic, the Spanish authorities took the decision to implement national lockdown measures, which had a significant negative ...

Luxury goods was one of the areas hardest hit by the COVID-19 pandemic in 2020. Demand plummeted in many areas due to severely reduced consumer confidence affecting buyers’ willingness to make high-value discretionary purchases, along with the ...

Luxury goods experienced a steep decline in demand in 2020 as a result of the confinement and social distance restrictions due to COVID-19, store closures, economic uncertainly and low consumer confidence. Consumers in the Netherlands were encouraged...