Even before the virus arrived in Italy, luxury fashion officials projected a 2% first-half contraction. That was based solely on weaker spending by Chinese consumers, who are the biggest luxury buyers in the world accounting for 35% of global sales. "It is starting to impact Japan and Korea, and most probably will impact Europe and other countries as the virus spreads. {{featured_button_text}}Bain is, for now, maintaining its forecast for 3%-5% year-on-year growth in global luxury goods sales through 2025. Levato noted that in the 2003 SARS epidemic, spending rebounded "as soon as the crisis passed.’’How deeply the virus will hit the rest of the Italian economy remains to be seen.

Source: Daily Sun March 07, 2020 07:56 UTC