4-12-2020
The global luxury market is expected to return to 2019 levels between 2022 and 2023, backed by digital sales growth and purchasing power of Chinese customers, Bain & Co’s latest Worldwide Luxury Goods Monitor reported.
2020 is marking the biggest shrink of global luxury market since 2009. According to Bain, Q2 2020 was the worst quarter the luxury goods sector has ever encountered. The global revenue decline narrowed at Q4 by 10 percent yoy. Recovery of the market to the pre-covid-19 levels may come by the end of 2022 or early 2023.
China is on the way to become the biggest luxury market by 2025, with the country’s luxury market soaring 45 percent to US$52.21 billion. The rest of Asia struggled, with Hong Kong and Macau among the worst performers globally.
The share of luxury purchases online nearly doubling from 12 percent to 23 percent yoy. Consumers demanding the luxury sector to demonstrate real and sustained commitment to diversity, inclusion and sustainability.
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