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March 23, 2026
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Research

Luxury business to contract by 20-35pc this year: Bain update

May 12, 2020

Nordstrom plans reopen as luxury retailers struggle during shutdowns. Image credit: Nordstrom Nordstrom plans reopen as luxury retailers struggle during shutdowns. Image credit: Nordstrom

 

By Dianna Dilworth

The luxury market is likely to contract 20-35 percent this year, as the COVID-19 pandemic has shut down the world and brought business across luxury sectors to a halt, according to an updated Bain & Company report.

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