Sales of luxury cars continued to dominate the market, but declined by 8% to 10% at current exchange rates to €503 billion. The overall luxury market-encompassing both luxury goods and experiences-shrank by 20% to 22% at current exchange rates, and is now estimated at approximately €1 trillion globally, back to its 2015 levels.īain’s Claudia D’Arpizio and Federica Levato discuss the pandemic’s effect on the luxury market in 2020 and how this massive disruption is shaping the industry’s future. The luxury industry has been heavily impacted by the Covid-19 crisis in 2020. It comprises nine segments, led by luxury cars, luxury hospitality and personal luxury goods, which together account for more than 80% of the total market. The luxury industry as tracked by Bain & Company encompasses both luxury goods and experiences. The 19th edition of the Bain Luxury Study, published by Bain & Company for Fondazione Altagamma, the trade association of Italian luxury goods manufacturers, analyzed recent developments in the global luxury goods industry, as well as its future outlook. Executive summary Covid-19 caused an unprecedented fall in luxury market size
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