Many of the biggest brands in China — including Louis Vuitton, Hermes, Gucci and Prada — are seeing rapid bounce backs in sales as stores reopen in China, according to Claudia D’Arpizio, a partner with Bain & Company who focuses on luxury.

After a steep and sudden drop in the first quarter, many top brands will end up positive for 2020 in China given the strong sales, she said.

“We’re seeing people come back to the stores quite quickly,” D’Arpizio said. “It’s not yet at the same levels yet as it was before the crisis. But revenge spending is happening — and also to some degree in Europe. The people who are coming back into the stores are strongly motivated to buy.”