Luxury firms could flee high street to save themselves

“A downward trend is noticeable on all international markets. Hotels, fashions, restaurants, jewelry, and the auto market are in free-fall worldwide. I think those operating locally will reduce their orders or even withdraw from major shopping streets to be able to overcome the crisis,” said Petcu.

According to Petcu, the auto, real estate, furniture/interior design, fashion, and watch (except those made of gold) sectors will be most affected. “I believe the least affected sectors will include products such as jewelry, especially those made of gold and gems, accessories, leather bags and shoes. Demand for products whose value is not sure to rise over time will drop,” said the company official.