People walk in front of a Louis Vuitton store covered up with plywood windows and entrances to prevent looting during the outbreak of the coronavirus disease (COVID-19) in New York, March 31, 2020.
Eduardo Munoz | Reuters
Global sales of luxury goods are headed for a collapse in the next few months, as the coronavirus pandemic ravages demand, Bain & Company said in a new report published Thursday.
According to the consulting firm, worldwide sales of personal luxury goods — which include clothes, jewelry, watches, beauty products, and accessories — will plummet by about 50% to 60% in the three months ending in June.
First reported in China’s Hubei province late last year, the virus has now infected more than 3.8 million people and killed over 269,500. To stem its rapid spread, countries practically shut down their economies and pushed for social distancing rules that kept people in their homes and forced most retail stores to close. Domestic and international travel have also…