Sales of luxury goods, everything from apparel, to jewelry and leather goods, could plunge globally by 10% this year to about $201 billion, according to a new estimate.The forecast, to be released Tuesday by consultants Bain & Company, widens the decline that Bain had forecast just five months ago. Last October, it predicted a 7% world-wide sales drop, citing the economic downturn.Bain now expects luxury-goods sales will drop as much as 20% in the first two quarters of this year before stabilizing in the second half.
By Vanessa O’Connell, April 10, 2009, WSJ

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