Even the most optimistic forecasts show a drop from –35 percent to –45 percent in 2020 for the global luxury market, according to “True-Luxury Global Consumer Insight” research, carried out by Boston Consulting Group (BCG) in collaboration with Altagamma. This research, now in its seventh edition, is the most complete and innovative research on True-Luxury consumers. This year, given the unprecedented situation linked to the COVID-19 outbreak, the study was conducted in two moments: pre-COVID (in January 2020) and post-COVID (in June 2020). And it surveyed 12,000 consumers globally who spend an average of $46,000 a year on luxury goods or experiences.
Pre-COVID estimates for the luxury market were on a positive trajectory. The crisis has slowed a decade of growth across luxury categories. The global luxury market was set to a positi
