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Luxury Sales Could Fall as Much as 35% This Year, Bain Says

Photographer: Dhiraj Singh/Bloomberg

The luxury-goods market will shrink between 15% and 35% this year as the coronavirus and efforts to control it hammer sales of high-end goods, consultancy Bain forecast in a report.

Steep declines in luxury sales have closely mirrored the geographic spread of the virus during the first quarter, starting in China and then moving to Europe and the Americas, Bain said Thursday. First-quarter sales have probably fallen by 25% to 30%.