Global luxury sales could return to pre-COVID levels this year, Bain says

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Reuters

MILAN (Reuters) – The luxury goods sector could shrug off the hit from the coronavirus crisis as early as this year as Chinese and U.S. shoppers help sales recover to pre-pandemic levels, consultancy Bain said on Monday. Bain now sees a 30% probability that sales of high-end handbags, clothes and jewellery will return to or exceed their 2019 level of 280 billion euros ($340 billion) this year, depending on how quickly vaccines are rolled out and tourism picks up. Its more likely scenario is for a full rebound in 2022, which would still imply a faster convalescence than Bain predicted in Novemb…

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