Luxury items lose their luster in the pandemic

The global luxury goods market is forecast to decline between 35 and 39 percent this year, according to McKinsey. “Dressing up, buying new clothes and following fashions is incredibly dependent on social activities such as going to work, going out, having parties and simply being seen by others,” stated Vicky Bullen, CEO of branding consultancy Coley Porter Bell in an email to CNBC. “If you’re not seeing anyone, what’s the point?”