STUDY: US SHOPPERS OUTSPEND CHINESE TO RESTORE LUXURY MARKET

The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S. shoppers outspent those in China in pursuit of the latest fashion trends, according to a study released by the Bain consultancy.

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 ($325 billion). That’s a return to 2019 levels and a turnaround from the gloom of the 2020 pandemic lockdowns that shuttered stores and halted international travel.

The recovery is expected to be supported by a strong holiday shopping season, Bain said.

“We are pretty positive, even if the growth rate in particular in China has been slowing down since mid-August. But they are still very strong,” said Claudia D’Arpizio, the Bain partner who headed up the study. “There has been a sharp V-shaped recovery for personal goods.”