consumers, just over 20% by Americans and
18% by Europeans.
Bain forecasts that tourism will rebound by the
end of next year to mid-2023, but D’Arpizio said
she expects the pandemic will have established
new habits, with luxury shoppers doing a lot of
spending at home, not necessarily abroad.
“We expect tourists to come back. We don’t expect
them to be as relevant as before,” she said.
The pandemic also has accelerated the
shift to online shopping and reinforced
the predominance of bigger brands in the
marketplace, while encouraging the use
of collaborations and digital campaigns to
grab attention.
“The pandemic is widening the gap. We now see
clear winners and losers. Bigger bands have more
muscle,” D’Arpizio said.
In this way, they have exploited connections
within larger conglomerates, like the Gucci and
Balenciaga tie-up between the two brands owned
by French group Kering.