The pandemic's impact on the luxury goods market

Deloitte on the dot The pandemic's impact on the luxury goods market By Nina Sanchez-Felismino During this period of great anxiety and concern over health and safety, one of the things that may have been farthest from people's minds is luxury. High-end products, which during "normal" times are already seen by some as excesses, could fade even more into the background as the world grapples with keeping economies open and citizens out of hospitals.

But the luxury goods market, surprisingly, proved resilient during the pandemic. According to Deloitte's latest Global Powers of Luxury Goods report, more than half of the top 100 companies were profitable, with 13 posting double-digit net profit margins even though the top 100's FY2020 revenues of $252 billion were down from $281 billion in the previous year.