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China's Coronavirus Scare Impacting European Luxury Goods

Credit: Wochit
Published on January 21, 2020 - Duration: 00:35s

China's Coronavirus Scare Impacting European Luxury Goods

European luxury stocks fell on Tuesday over fears that the coronavirus virus outbreak in China could hurt sales.

The slump of high-end brands comes after many had managed to weather months of protests in Hong Kong.

Chinese shoppers account for 35% of global luxury goods sales and 90% of last year’s growth in the market.

The numbers illustrate the damage that could be done to luxury goods companies if health fears deter shopping.

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