Study: US shoppers outspend Chinese to restore luxury market

KIFI

Published November 11, 2021 7:19 AM

By COLLEEN BARRY
AP Business Writer

MILAN (AP) — A new study shows that the personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels. The Bain consultancy says U.S. shoppers have powered that recovery, outspending those in China in pursuit of the latest fashion trends. 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. 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.

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