Study: Hope for US boost pushes global luxury goods recovery

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MILAN (AP) — The rapidly rebounding U.S. economy is helping to accelerate recovery in the personal luxury goods market, which could reach pre-pandemic levels of sales as early as this year.  A study by Bain & Co. consultancy released on Monday says that the U.S., combined with China’s confirmed growth trajectory, could push sales of luxury apparel, jewelry, leather goods and beauty products to as high as 295 billion euros ($358 billion) this year. That is after they plunged from 281 billion in 2019 to 217 billion in the pandemic year of 2020, shedding six years of growth. 

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