The luxury goods market to grow to $300 bln
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The investment bank Goldman Sachs predicts that sales in the global luxury goods market will increase by 9 percent in 2022, as follows from the latest report. This means that in 2022 the luxury goods market may reach a record value of $300 billion.
The pandemic initially inhibited the development of the luxury goods market, but a rebound was noticed already in the first quarter of 2021. Still, as the report writes, while comments from company representatives and macroeconomic indicators confirm that demand remains solid in the fourth quarter of 2021, the dynamics of key growth factors for the sector are declining, especially in China. The Middle Kingdom has been the largest luxury market for years, dominated by brands such as Chanel, Gucci, Hermès, Dior, and Louis Vuitton.
The bank's analysts emphasize that in categories such as leather goods, jewelry, or mega-brand watches they will do better than the competition. They recommend buying LVMH, Prada, Burberry, and Swatch stocks.
