While 2020 was a difficult time for the global economy, new data is showing that sales for luxury goods surged despite the economic slump — even attaining double-digit growth. The only exception was in the month of March when the Coronavirus first consumed the world, according to Financial News.
Followed by an immediate decline in the first months of the pandemic, consumption rebounded in summer as consumers switched their purchasing pattern from vacation and outdoor activities to online shopping, resulting in an overall increase in sales for luxury goods.
A change was shown in the demographics of shoppers as more sales were generated from consumers in their 20s (7.8%) while shoppers in their 30s (21.4%) contributed the most in the market. Major luxury labels such as Chanel, Hermès and Louis Vuitton were the most sought-after brands.