The coronavirus pandemic has put many industries into crisis mode, and luxury retail is one of them. With fewer places to see and be seen, shoppers are slowing their spending, with an estimate from consultancy firm McKinsey forecasting the global luxury goods market will contract by 35% to 39% in 2020, year-over-year. “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?” she added. Read more at CNBC.