The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S.
Global consumer spending on personal luxury goods, including the latest sneaker trend or design collaboration, is forecast to spike by 29% this year, to 283 billion euros .
“We are pretty positive, even if the growth rate in particular in China has been slowing down since mid-August.
Global luxury comprehensively is expected to reach 1.1 trillion euros this year, which is about 10% below 2019 levels.
consumers have at least temporarily supplanted the Chinese as the biggest spenders, accounting for one-third of all sales this year, compared with about 23% by Chinese shoppers, who were on par with Europeans.