Global demand for personal luxury goods has been steadily increasing for decades, resulting in an industry worth $308 billion in 2019. However, the insatiable desire for consumers to own nice things was suddenly interrupted by the coming of COVID-19, and experts are predicting a brutal contraction of up to one-third of the current luxury good market size this year.
Source: https://www.visualcapitalist.com/charting-the-rise-and-fall-of-the-global-luxury-goods-market/
