A woman wearing a face mask rides a bicycle past stores closed for COVID-19 control at a shopping mall in Beijing on May 17, 2022. Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published June 21, 2022.
While much of the world is fretting over higher fuel and energy prices, the study by Bain & Company consultancy indicated that the global luxury market remains set for growth, largely due to the continued resiliency of the world’s wealthiest people.
Sales of personal luxury goods including apparel, accessories and footwear posted high double-digit growth in the first quarter of this year, despite the first signs of economic uncertainty tied to the Russian invasion of Ukraine, Bain said.In its most pessimistic outlook, assuming global inflationary pressure, Bain forecasts growth in the sales of high-end personal goods this year to grow by 5% to around 305 billion euros.
The United States and Europe have boosted growth so far this year, while sales are expected to hit a hard stop in China due to COVID-19 restrictions in key cities.