Luxury sales globally could fall anywhere between $85B and $120B in 2020, or by about 29%, according to estimates by the Boston Consulting Group published in May.
“Best-case scenario, where a vaccine becomes available or the economic ramifications of the pandemic are not too severe, people will resume shopping and traveling and give a boost to luxury goods sales,” said Sarah Willersdorf, partner and global luxury leader at Boston Consulting Group.
Heading into the pandemic, luxury retailers were buoyed by wealthy Chinese shoppers who traveled to New York’s swanky Fifth Avenue District for a Louis Vuitton clutch, Cartier bracelet or Burberry coat, according to Robert Samuels, a consumer analyst at UBS Global Wealth Management. “We simply don’t have the same tourism that has been there,” Samuels said. “Until we get tourism to ramp up again in the U.S., luxury retailers will need to attract a different type of shopper — or they’ll continue to be at the mercy of when the Asian consumer comes back to the U.S. to shop.”
Luxury’s competitive edge in the retail industry has always been its high-touch personal in-store experience. But in the time of curbside pickup and social distancing, that edge is dulled.
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