Wednesday 22, April 2009 by
Luxury goods hit a big iceberg
Bain& Company has released a semi-annual update to its ‘Luxury Goods Worldwide Market’ study (7th edition) in response to the sharp deterioration of the global economy since October 2008. The luxury sector faces between a 15 per cent and 20 per cent decline in sales revenues during the first two quarters in 2009 (at constant exchange rates), shrinking to €153 billion ($197.9 billion) from its 2008 level of €170 billion ($220 billion). Bain estimates that the worldwide luxury market will begin stabilizing in the second half of the year, resulting in a net decline of 10 per cent for 2009 overall.
