Recently, Bain company and Fondazione altagamma, the Italian luxury industry association, released the spring edition of the 2020 global luxury industry research report. After the global personal luxury market sales fell by 25% in the first quarter of 2020, the second quarter may accelerate the contraction. It is estimated that the annual market size will shrink by 20% to 35%. The specific situation depends on the speed of recovery after the epidemic.

According to the report, China is becoming the pioneer of post epidemic economic recovery: it is expected that by 2025, the contribution rate of Chinese consumers to the total global luxury consumption will reach about 50%, becoming a key engine for the rebound and growth of the global luxury industry. In addition, the share of online channels will be further increased. By 2025, the share of this channel is expected to rise to 30%. On the one hand, the number of consumers who choose to buy luxury goods online increased during the epidemic; on the other hand, it is closely related to the young generation (Generation Y and generation z) becoming the main force of luxury consumption.

Bruno Lannes, global partner of Bain, said: "the recovery of luxury market is in the future, however, the whole industry will usher in a profound change. Under the epidemic situation, the luxury industry must improve the ability of creative thinking and speed up innovation, so as to break through the channel restrictions and meet a large number of new consumption needs.