What: Chinese and U.S. shoppers help sales recover to pre-pandemic levels, consultancy Bain said.

Why is it important: The more likely scenario is for a full rebound in 2022.

Bain now sees a 30% probability that sales of high-end handbags, clothes and jewellery will return to or exceed their 2019 level of EUR 280 billion (USD 340 billion) this year, depending on how quickly vaccines are rolled out and tourism picks up. Its more likely scenario is for a full rebound in 2022, earlier than predicted.

Soaring sales in China and a stronger-than-expected U.S. rebound helped revenues bounce back sharply in the first quarter of 2021. Europe is lagging behind, hampered by a slower vaccination campaign and restrictions on tourism.

Bain also said that as people moved to countryside homes and worked remotely, sales in second-tier cities often went better than in big luxury capitals like New York or Milan - a factor brands will have to consider as they review their footprint.

And while handbags, leather goods and jewellery have been driving the recovery, spending on clothes, make up and perfumes is expected to pick up too as lockdowns ease and people resume going out.

Global luxury sales could return to pre-Covid levels this year