Impact of COVID-19 on global personal luxury goods market 2019-2020
The coronavirus crisis hit the personal luxury goods sector in varying degrees. A recent global study revealed that watches and jewelry market saw the largest decline in 2020, as the market shrank by a quarter compared to its size in 2019. This was followed by the apparel and accessories sector with a reduction of 20 percent in market size. Cosmetics and fragrances market was slightly more resilient to the effects of the pandemic, as this market experienced a 15 percent fall in size.