The disease is impacting industries worldwide, including luxury brands, which depend heavily on Chinese consumers today. Investment group Jefferies estimated Chinese buyers made up about 40 percent of the €281 billion ($306 billion) spent on luxury goods worldwide in 2019 and drove 80 percent of the growth, as per a report from the Financial Times.
Here’s how the outbreak, which started at the end of December, has affected the luxury industry so far.
In an effort to contain the outbreak, jewelry trade show organizers are moving and canceling shows, and taking extra precautions for those events scheduled to go on as planned.
The Hong Kong International Diamond, Gem & Pearl show and the Hong Kong International Jewellery Show, both scheduled for March, have been moved to May.
The 65th Bangkok Gems and Jewelry Fair, scheduled for Feb. 25-29 at the Impact, will go on as scheduled.
Outside of the jewelry world, the Formula 1 Chinese Grand Prix in Shanghai and Olympic qualifier events have been postponed as well.
Pandora suffered a rough fourth quarter as sales in China showed continued weakness.