Richemont and Burberry are signs that the luxury market is reviving.

The latest indicators that the luxury goods sector is booming again include Richemont's best holiday season sales rise in at least a decade and Burberry Group Plc's projection of 35 percent earnings growth this year.

Consumers splurged on Cartier diamonds and Chloe clothes, according to Richemont, which reported revenue increased 32 percent at constant currencies in the last quarter, topping pre-pandemic levels. Burberry still has a ways to go to reach 2019 levels, however the British trench coat company claimed sales accelerated as more products were sold at full price.

As immunization rates rise around the world and people socialize and travel more, demand for jewelry, timepieces, and stylish products is rebounding. Prada SpA announced on Tuesday that sales have restored to levels seen prior to the coronavirus outbreak.

Richemont, Burberry Signal That Luxury Market Is Thriving Again | BoF