Europe’s personal luxury goods market drops in 2020

The beauty industry observed a severe fall on record whereas the personal luxury goods market dropped by 23% to €217 billion in 2020. According to the research data analyzed and published by a Finnish organisation, Europe observed a 36% drop to €57 billion and is considered as the highest regional fall during the year. Data reveals that the European luxury market will grow by 12.8% in 2021, reaching $100.19 billion whereas between 2021 and 2025, it will grow at a 4.8% compound annual growth rate (CAGR). Asia reports a yearly drop at 35% followed by United States at 27%, however, China was the only country to record a rise by 45%.