Abstract: - Boxed in with wealth erosion and discretionary income reduction among the rich and the middle class, the watches & clocks market is expected to decline by -7.8% in the year 2020 before recovering to reach a revised market size of US$73.3 billion by the year 2027. A few weeks into the pandemic, billionaires...
The COVID-19 pandemic led to a sharp fall in spending on luxury jewellery in 2020, with women’s luxury fine jewellery recording the steepest decline. Reduced consumer confidence in the context of economic uncertainty and pressure on disposable incomes impacted spending on high-ticket items, while the category was also hit by travel restrictions...
Although luxury writing instruments and stationery saw slow retail volume declines for the last few years of the review period, the category saw a much stronger fall in sales in 2020, along with a slower decline in current value terms, although this was still double-digit. Luxury Writing Instruments and Stationery in South Africa...
After seeing both retail volume and current value growth throughout most of the review period, in 2020 super premium beauty and personal care turned to strong declines, with a slower decline in value terms due to price rises. Store closures and temporary restrictions on online sales imposed during the hard lockdown negatively impacted sales...
After maintaining current value growth throughout the review period, in 2020 luxury goods has turned to significant decline. The arrival of COVID-19 in the country in the first quarter of the year led the government to impose a two-month nationwide lockdown, which had an impact on sales of luxury goods in several ways. One of the most significant...
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Luxury jewellery strongly depends on the cost of raw materials, especially gold, and currency exchange rates. In 2019 and 2020, the cost of gold increased significantly, leading to the increase of unit prices on gold luxury jewellery. Furthermore, the high volatility of the Russian ruble and its weakening in 2020 also led to the increase in...
Although luxury jewellery saw retail volume declines for most of the review period, they were insignificant compared with the fall in sales seen in 2020. Meanwhile, current value sales fell from growth in 2019 to a double-digit decline in 2020. The main reason for this poor performance was the closure of luxury jewellery stores during the...
The Hong Kong luxury goods market experienced a marked decline in sales in 2020, as the COVID-19 pandemic exacerbated the already challenging conditions resulting from the civil unrest that began in the previous year. Luxury Goods in Hong Kong, China report offers a comprehensive guide to the size and shape of the Luxury Goods market...
Malaysia’s strict lockdown regulations resulted in low hotel occupancy in the beginning of 2020. Some hotels were considered as essential services, and were allowed to operate during Movement Control Order (MCO) enacted between 18 March and 4 May. However, hotels were only allowed to provide services to those who have checked-in before 18...