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MILAN – The personal luxury market for high-end accessories, leather goods and clothing has returned to pre-pandemic levels as US shoppers spend more than those in China looking for the latest fashion trends , according to a study released Thursday.
Global consumer spending on personal luxury goods, including the latest sneaker trend or design collaboration, is expected to increase 29% this year, to $ 325 billion. It’s a return to 2019 levels and a turnaround from the gloomy 2020 pandemic closures that have closed stores and disrupted international travel.
“We are rather positive, even if the growth rate, especially in China, has slowed since mid-August. But they’re still very strong, â€said Claudia D’Arpizio, the Bain associate who led the study. “There has been a strong V-shaped recovery for personal goods. “
The world’s largest luxury market, which spans high-end travel, foodservice, fine art and home furnishings, continues to lag behind 2019 levels, Bain said.
Consumers have shifted their spending to high-quality furniture as many have spent time at home instead of traveling the world. Travel restrictions have been particularly severe for luxury hotels, gastronomy and cruises, all sectors that have yet to fully recover.
Global luxury as a whole is expected to hit $ 1.26 trillion this year, about 10% below 2019 levels. The hardest hit industry is luxury cruises, with spending down 80% from pre-pandemic levels and reduced even from 2020.
With international tourism still hampered, consumers began to choose their new fashion trends at home, instead of fueling duty-free sales abroad.
Bain predicts that tourism will rebound by the end of next year in mid-2023, but D’Arpizio said she expects the pandemic to have established new habits as luxury shoppers do so. a lot of spending at home, not necessarily abroad.
“We expect tourists to come back. We don’t expect them to be as relevant as they used to be, â€she said.
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