Luxury is approaching its historical heights
Is the worst crisis ever experienced by the luxury sector just a bad memory? Due to the Covid-19 pandemic, the market saw its turnover collapse by 22% last year, to 217 billion euros, falling below its 2014 level. But, in the first quarter of this year, it has come back very strong, to the point of exceeding its January-March 2019 level by 2%.
Such a spectacular rebound, even if growth remains much lower than the annual rate observed between 1996 and 2019 (+ 6%), that the Bain firm has just revised its forecasts upwards. At the start of winter, its experts envisaged a return of the sector to its 2019 level “by 2022-2023”. They now consider it possible, at 30%, that global luxury will return to its all-time high (281 billion euros) from 2021 if the trend at the start of the year continues, in particular thanks to an acceleration in vaccination and a returning customers to the store.
See also In Japan, luxury brands are not experiencing the crisis
“It would be very good news, underlines Joëlle…
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