According to the latest Altagamma – Bain Worldwide Market Monitor update, the luxury industry is heading for a rebound after a year of loss due to the pandemic and other matters.
Luxury growth is estimated to be 14% for 2021 with an 11% growth expected in the luxury watch industry and 16% in leather goods.
However, even with things going back to a more normal status thanks to vaccinations, the industry will see its biggest growth not in the stores but online with 20% expected digital sales growth. Now mono-brand stores are expected to grow 15% after last year’s 20% decrease.
Now, Asia is expected to be the fastest growing market led by China’s growth which already saw a 45% growth in the luxury market in 2020 while most countries decreased luxury sales.