Luxury Market Proves to Be Resilient in the Face of a Pandemic
Except for a small dip in 2003 and a larger decline during the recession of 2008-09, the global luxury goods market grew steadily from 1996 to 2019. Over the 24-year period, sales of personal luxury goods increased by 6% CAGR (compound annual growth rate), nearly quadrupling from $83 billion to $308 billion, as shown in…