A more cautions scenario puts recovery to 2019 levels off until 2022. Sales of luxury apparel, jewelry, leather goods and beauty products plunged to 217 billion euros in the pandemic year of 2020, from 281 billion euros in 2019, shedding six years of growth. Other bright spots include the Middle East, in particular Dubai, which attracted high net worth individuals during the pandemic. “They did vaccinations very quickly and many wealthy people during the winter moved to working remotely from Dubai,’’ D’Arpizio said. E-commerce grew to 23 percent percent of sales in 2020 from 12 percent in 2019, a bit more than a decade into the phenomenon.

Source: Manila Times May 17, 2021 09:45 UTC