Luxury industry to contract 20-35% in 2020
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Vivienne Tay
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Singapore
THE global luxury industry is set to contract between 20 per cent and 35 per cent in 2020 amid the virus pandemic.
The market for personal luxury goods has also declined by 25 per cent in the first quarter of 2020, according to estimates in a Bain & Company report released on Friday in collaboration with Fondazione Altagamma, an Italian luxury goods manufacturers' industry foundation.
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