Even in the 2008-2009 recession years, global luxury sales declined less than 10% and that over a two-year period. During the extended time luxury consumers spent at home and in isolation, they reassessed their values, priorities and spending habits. Back then, they took a hiatus from ‘shop-till-you-drop’ spending and waited till the worse was over before reentering the luxury market. Throughout 2021, luxury consumers will continue to invest in home, but that is likely to start to ebb as they begin to feel safe leaving their homes. As soon as luxury consumers can escape confinement, it will usher in a “Roaring Twenties” for experiential luxury providers, but it will also curtail home luxury spending.

Source: Forbes January 10, 2021 09:00 UTC