Miami, Honolulu, Las Vegas Luxury markets to be worst hit

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As the COVID-19 pandemic has radically affected global tourism, sure US luxury retail marketplaces that are somewhat additional dependent on tourism are the even worse affected, says a report by boutique consulting firm Webster Pacific that specialises in luxury retail. It predicts the luxury retail marketplaces of Miami, Honolulu and Las Vegas will be the worst strike.

Spending at luxury retail merchants is intensely dependent on global tourism. Tourism accounts for about forty for each cent of overall luxury products investing, in accordance to for each S&P Global Market Intelligence.

A single of the pandemic’s a lot of blows to the US economic system is an huge lower in global tourism. As for each the National Journey and Tourism Office environment (NTTO), global customer journey investing decreased by 98.nine for each cent in the previous 12 months, from $11.6 billion in April 2019 to only $129 million in April 2020.

To much better have an understanding of which US luxury retail marketplaces are most at possibility of becoming negatively impacted by Covid-19, Webster Pacific examined numerous information linked to forty two US metros. Aspen and Prolonged Island have a important designer shop existence but are not integrated in this ranking thanks to a deficiency of tourism information, a press release by the company explained.

Fibre2Fashion Information Desk (DS)

As the COVID-19 pandemic has radically strike global tourism, sure US luxury retail marketplaces that are somewhat additional dependent on tourism are the even worse affected, says a report by boutique consulting firm Webster Pacific that specialises in luxury retail. It predicts the luxury retail marketplaces of Miami, Honolulu and Las Vegas will be the worst strike.