OREANDA-NEWS. Companies in the global personal luxury market expect a more serious business impact of the pandemic than anticipated in February this year. According to new estimates, the market will lose about € 105 billion and return to the 2011 level, when its volume was € 250 billion, follows from a report by analysts at the Boston Consulting Group, prepared in partnership with Altagamma and AB Bernstein.

The Boston Consulting Group revised the outlook by again interviewing executives and financial directors of luxury companies in March 2020. Earlier, a consensus forecast suggested sales losses of € 70–90 billion. The segment of personal luxury goods (including clothes, bags, shoes, watches and jewelry) was estimated at the end of 2019 at € 350 billion. In 2020, sales in this segment will decrease to about € 245 billion, according to the Boston Consulting Group

In February, interviewed industry players estimated a decline in sales in 2020 by an average of 10%. Now the likely scenario provides for a drop of 30%.