Luxury goods sales this year are set to exceed their pre-pandemic level, according to data from consultancy Bain & Company.
Sales of personal luxury goods are expected to equal €283bn this year, a 29% recovery from the steep drop in 2020 and 1% higher than the pre-pandemic level in 2019. This has been driven by younger customers (millennials and Gen Z) who are set to make up 70% of the market by 2025.
However, the recovery has been uneven – China and the United States are key areas of growth, with the Middle East also being...