Luxury retail industry bounces back
Luxury industry was one of the first to bounce back after the brief recession, according to JLL.
Luxury sales in the United States rose by 8.5 percent in 2021 to reach more than $64.1 billion and are forecast to eclipse pre-pandemic levels by the end of 2022.
While the definition of luxury remains ever-evolving and somewhat nebulous, there is nothing unclear about the way the sector has performed since the onset of the COVID-19 pandemic, the report said. Luxury retailers have reinvested these gains into their businesses in various ways, while never straying too far from the crux of the luxury business model — an unforgettable, unique in-store experience.
To read the full report, click here.