COVID-19 will have a significant negative impact on sales of luxury goods in Switzerland in 2020, although there are set to be marked differences by category. There are a number of factors driving decline in the total market. Switzerland is set to see a sharp economic contraction in 2020, and although the population is affluent with a large...
Luxury goods shows an overall negative performance in 2020, due to the myriad impacts of COVID-19. Non-essential physical stores were closed during the months of April and May, with overall self-isolation restrictions in place for much longer which added an additional challenge to consumers being able to go shopping. Furthermore, travel restrictions...
Personal luxury was in 2020 affected by regulation changes for a limited period of time. In the second half of the year, the Korea Customs Service allowed duty-free shops to retail their stock through local markets, including premium outlets and department stores, until October. The aim was to ease the loss burden that duty-free shops have...
The outbreak of the COVID-19 pandemic in Australia led to a significant reduction in retail value sales for luxury eyewear in 2020, with several factors impacting these results. Firstly, the Australian government implemented a six-week lockdown from mid-March 2020, which included the closure of non-essential stores, encouraging the population...
In 2020, personal luxury will see slight slowed current value growth, however compared to other industries will be less heavily impacted by the pandemic. As the consumer base for these types of products generally have larger disposable incomes, they have been less impacted by the financial repercussions of the pandemic meaning demand has remained...
Personal luxury was negatively affected by COVID-19 in 2020, with current value sales declining by over a fifth. However, certain products fared better than others. Super premium beauty and personal care registered the smallest decline, followed by luxury eyewear. Another product area that performed relatively well was designer apparel and...
The national lockdown in UAE led to the closure of many shops around the country, with the exception of pharmacies, hypermarkets and supermarkets. This has had a considerable effect on luxury eyewear sales and also of eyewear sales more generally. In order to attract customers, many retailers and companies in luxury eyewear began to offer...
The COVID-19 pandemic had a mixed impact on the luxury goods market in South Korea in 2020. While all categories saw a weakened performance compared with 2019, not all dropped into negative growth territory. Experiential luxury suffered due to the sharp decline in the number of tourists. According to Korea Tourism Organization, the number...
Malaysia declared a Movement Control Order (MCO) between 18 March and 4 May 2020 which resulted in a total lockdown of the country. During this time, consumers were only allowed to travel to shop for essentials such as groceries. Furthermore, residents were limited to a travel radius of 10km from their residential home. Since all non-essential...
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...