According to Bain & Company, Italian luxury goods group Prada's sales in China have recovered strongly since shops reopened there and to date have risen well above last year's levels. The appetite of Chinese customers for luxury goods remained very strong despite the fallout from the coronavirus pandemic, which has tipped the global economy into recession and frozen international travel.
The industry's overall sales are expected to decline by up to 35% in 2020, but luxury groups are betting on a strong rebound in mainland China to limit the damage.
To date, the Prada Group's sales in China have already largely exceeded the levels of 2019, showing double-digit growth since the beginning of the year. the recovery in China had accelerated since the end of March, with sales growth of up to more than 60 per cent in following months. Prada's sales for China Valentine's Day, which this year fell on August 25, hit an all-time record.
The Asia Pacific region accounted for 44 per cent of Prada's sales in the six months to June.
Chinese shoppers were responsible for 37 per cent of global luxury goods purchases in 2019, according to consultancy Bain, with the bulk of the shopping done when travelling abroad.