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Thanks to the recovery of purchases in the key markets of the United States<\/strong> and China<\/strong>, the global luxury sector<\/strong> is on track to return<\/strong> to its pre-pandemic levels.<\/strong> After a sharp contraction in 2020, the luxury goods market will grow<\/strong> by 29% in 2021. According to consultancy firm<\/strong> Bain<\/strong>, global sales of luxury goods<\/strong>, including clothing<\/strong>, leather goods<\/strong> and jewellery<\/strong>, could reach \u20ac283 billion this year, up 4% on 2019. Sales in the sector as a whole fell<\/strong> by 23% in 2020, the first time this has happened since 2009.<\/p>\n <\/p>\n In the United States,<\/strong> which has become the sector’s largest market ahead of Europe, the recovery in activity has been boosted<\/strong> by the coronavirus vaccination campaign<\/strong>, as well as by the rapid rebound<\/strong> in domestic consumption. On the other side of the Pacific, in China<\/strong>, demand remained strong as the Chinese are currently unable to travel abroad<\/strong> and therefore make their purchases at home<\/strong>.<\/p>\n <\/p>\n In Europe, the sector has not yet returned to pre-pandemic levels, despite a recovery in tourism over the summer. According to Bain<\/strong>, the European market will not return to 2019 levels until at least 2024.<\/p>\n <\/p>\n The largest companies in the sector, such as LVMH<\/strong>, Herm\u00e8s<\/strong> and Kering<\/strong>, are experiencing a significant<\/strong> rebound<\/strong>, and are managing to generate results above<\/strong> 2019 levels, and are benefiting from the easing of health constraints<\/strong>.<\/p>\n <\/p>\n With the slow recovery in international tourism, brands have turned to a more domestic clientele<\/strong>, whether in the major luxury cities or in those of lesser importance. “Brands are attracting new customers with robust marketing and online campaigns, while existing customers are buying more,<\/em>” says Federica Levato<\/strong>, a partner at Bain<\/strong> and co-author of the study.<\/p>\n <\/p>\n The firm estimates that a quarter<\/strong> of global luxury sales for the year were made by new customers<\/strong> rankhaya.com<\/a>.<\/p>\n <\/p>\n <\/p>\n