Roaring Recovery – Luxury Segment on Historic Growth Trajectory, Driven by E-Commerce
Following a sharp drop in sales in 2020 due to the pandemic, the personal luxury goods segment experienced a V shaped recovery in 2021 and is now set on a historic growth trajectory – forecasted at 29% YOY for 2022 (Bain & Company). The recovery has been driven primarily by domestic spending in the US and China as Covid-19 continues to curtail international travel, as well as increased adoption of online channels – a trend that was well underway pre-pandemic. The following trends outline the forces shaping the luxury market in 2022.