The Collapse Of The Global Luxury Goods Market
Global demand for personal luxury goods has been steadily increasing for decades, resulting in an industry worth US$308 billion in 2019.However, the insatiable desire for consumers to own nice things was suddenly interrupted by the coming of the COVID-19 pandemic, and experts are predicting a brutal contraction of up to one-third of the current luxury goods market size this year.Will the industry bounce back?