At the same time, authorities interventions will partially offset economic impacts, and world journey will decide up, alongside the chance of bigger social gatherings. In that state of affairs, we would see markets corresponding to China recovering strongly. We predict a 5 to 10 % gross sales development in China in 2021 in contrast with 2019. Europe, then again, will in all probability proceed to feel the consequences of subdued vacationer arrivals, leading in 2021 to a 2 to 7 % gross sales decline from 2019. Moreover, precrisis levels of activity are unlikely to return before the third quarter of 2022. We count on an analogous trajectory within the United States, with gross sales down 7 to 12 percent subsequent yr compared with 2019, and solely a modest recovery before the primary quarter of 2023.
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