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在线翻译:
szdaily -> Business -> 
China lone bright spot in gloomy luxury market
    2020-11-23  08:53    Shenzhen Daily

CHINA’S luxury market has flourished while the global luxury sector has seen its largest ever fall in 2020 due to the COVID-19 pandemic, according to a global management consultancy.

The Chinese mainland has been the only region globally to end the year on a positive note, with luxury sales rising 45 percent to 44 billion euros (US$52 billion), Bain & Co. said in its latest report.

The luxury goods industry has been heavily impacted by the COVID-19 crisis in 2020. Despite the strong performance of China, the consulting firm estimates that the core personal luxury goods market is set to contract by 23 percent to 217 billion euros, marking the largest drop recorded since 2009.

The expected decline is at the lower end of a 20 percent to 35 percent range which Bain’s closely followed industry forecast had predicted in May.

“We have all experienced a difficult year of rapid, unexpected changes and luxury has not emerged unscathed,” Claudia D’Arpizio, a Bain & Co. partner and lead author of the study.

“While the industry has suffered from a pause in global travel and ongoing lockdowns, we believe it has the necessary resilience to manage through the crisis,” she added.

The company expects the recovery to gather pace over the next three years, with the market returning to 2019 levels by 2022 to 2023.

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 U.S. elections also weighed on consumer sentiment.

Fourth-quarter sales are expected to drop by 10 percent, although the decline could be bigger depending on how much the new shutdowns hit the crucial Christmas season.

“We have a two-speed world, with Europe and the United States strongly hit by the second wave and by social and political uncertainty, while China is relentlessly accelerating day after day,” said Federica Levato, a partner at Bain.

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 percent in 2019 to 23 percent in 2020, and e-commerce 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 percent of total purchases.

(SD-Xinhua)

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