milan sales of luxury goods worldwide are set to fall by 23 to 217 billion euros 19406 billion pounds this year their largest ever drop and first since 2009 due to the fallout from the coronavirus pandemic consultancy bain said on wednesday the expected decline despite a strong sales recovery in china is at the lower end of a 20 to 35 range which bains closely followed industry forecast had predicted in may that is due to a bigger than expected rebound during the summer when lockdown measures were lifted or eased across the world and stores selling highend handbags clothes jewellery and watches were reopened advt however a resurgence of the pandemic in europe and the united states since october has led to new restrictions and shop closures while uncertainty linked to the us elections also weighed on consumer sentiment the only bright spot is china where sales have surged since it began to emerge from the health crisis in the spring sales in mainland china are seen growing by 45 at current exchange rates to 44 billion euros this year we have a twospeed world with europe and the us strongly hit by the second wave and by social and political uncertainty while china is relentlessly accelerating day after day federica levato a partner at bain said fourthquarter sales are expected to drop by 10 although the decline could be bigger depending on how much the new shutdowns hit the crucial christmas season revenues for the likes of louis vuitton owner lvmh hermes and prada should partly recover in 2021 although bain says it will take until the end of 2022 or even 2023 to return to 2019 levels the coronavirus crisis has accelerated three trends bain said with purchases online almost doubling from 12 in 2019 to 23 in 2020 and ecommerce set to become the leading channel for luxury purchases by 2025 international travel curbs have led to people buying more in their home countries while shoppers born from 1981 onwards now account for almost 60 of total purchases advt reuters published on nov 19 2020 at 0751 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app sale of luxury goods prada economy of china lvmh coronavirus pandemic coronavirus hermes bain homenewsindustryglobal luxury goods sales set for largest ever fall in bain forecast