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After the sales contraction due to these uncertain and unprecedented events, luxury sales may return to 2019 levels. The market is expected to reach €250-295 billion. While perspectives for this year still remain uncertain, a surprisingly vigorous recovery was registered in the first quarter. China keeps driving this recovery while the USA rebounded.
Which are the key findings?
First of all, the major driver is represented by customers’ demand. They still want to buy luxury goods and companies should continue simultaneously to adapt and innovate in order to satisfy the demand.
Secondly, even if the pandemic has accelerated brands’ digital transformations, the human touch plays a key role. These physical interactions represent indeed a vital part in building and nurturing the customers’ loyalty.
At AlwaysOn Show, we provide the most innovative experience of a trade show, an integrated and tailored phygital experience. We offer multiple touch points to facilitate the networking of brands and buyers both through digital and physical events.
Do you want to know more about the forecasts about the luxury industry?
Check out the full press release by Bain & Company about the Study 2021 Spring Update