Luxury goods spending in Gulf set to recover in 2021

Luxury goods spending in Gulf set to recover in 2021

Luxury goods retailers in the Gulf will see a recovery in consumer spending in 2021, to just below pre-pandemic levels in 2019, after the market declined 17 per cent in 2020, according to Bain & Company..

Online shopping, which benefited from a massive boost during the Covid-19 pandemic, will continue to fuel growth after virus-curbing measures are removed, the management consultancy said in a report titled Assessing the Impact of 2020 on the GCC Luxury Goods Market.