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Luxury : Up to 25% less turnover if the coronavirus crisis persists

Luxury : Up to 25% less turnover if the coronavirus crisis persists

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Several areas of the economy are impacted by the consequences of the coronavirus. Most affected are the tourism and luxury goods sectors, with €40 billion in sales losses estimated by industry leaders as a result of the epidemic. The luxury industry will therefore record its lowest performance since 2015.

 

Economically, the coronavirus has caused many losses in record time. Like many other sectors, the luxury goods sector, which accounts for $320 billion worldwide, is beset by uncertainty about the duration of the effects of the coronavirus.

 

In mid-February, the CEO of the Kering group (Gucci, Saint-Laurent…), François-Henri Pinault, was already noting a 15% drop in sales in the first quarter. It should also be noted that the Chinese represent 2.5% of the country’s visitors. And they spend nearly 4 billion euros in luxury goods.

 

 

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