Charting the Rising and Collapse of the Global Demand for Luxury Goods #infographic

Charting the Rising and Collapse of the Global Demand for Luxury Goods #infographic

For decades , global demand for personal luxury products has gradually increased , resulting in an industry worth $308bn in 2019.

However, COVID-19 's arrival abruptly disrupted the insatiable appetite for consumers to own nice products, and analysts are expecting a brutal contraction of up to one-third of the existing luxury good market size this year.

Will the sector bounce back? Or does it come back as distinctly different?

Since the 1990s, the global luxury goods industry – which includes cosmetics, clothes, and accessories – has expanded at a rate of 6 per cent.

Chinese consumers can be traced largely to recent years of growth in the personal luxury goods industry. This geographic market, followed by Europe and the Americas, accounted for 90 % of total sales growth in 2019.

Analysts say that China's younger consumers of luxury goods particularly have considerable purchasing power, with an average spending of $6,000 (Yen 41,000) per person in pre-COVID times.

Charting the Rising and Collapse of the Global Demand for Luxury Goods #infographic

infographic by: www.visualcapitalist.com

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