

The global pandemic has called for curfews, lockdowns, and social distancing across the world. People are advised against stepping out of their homes, let alone go shopping. And in such a scenario, the luxury fashion vertical is the worst hit. Brands across the globe are facing a dip in sales -one that is collectively estimated to total at $600 billion.





In addition to online and direct sales, tourism buying fashion are also expected to take a hit as traveling in countries will continue to be curtailed long after. A silver lining though is the recovery of the Chinese economy and their re-stated demand for luxury goods. Consumers in the Asian country have already begun shopping and are expected to make a majority of luxury consumption in the coming months. Whether or not brands will be able to match up the demand with an equivalent supply though is for time to tell!

[Via: Vogue Business]