MILAN — Luxury brands are already cashing in on promises of a 21st-century version of the “Roaring ‘20s” in the United States, where hefty stimulus packages and an advanced vaccine campaign are accelerating post-pandemic recovery in high-end sales, according to a new study by Bain & Co. consultancy released on Monday.

The rapidly rebounding U.S. economy together with China — already on an established growth trajectory — could push the global market for personal luxury goods back to or even beyond pre-pandemic sales levels as early as this year, Bain partner Claudia D’Arpizio said.

“We expect a very positive cycle that is just starting in the United States, where luxury brands can really take advantage,’’ D’Arpizio told The Associated Press, citing the stimulus and positive stock market reaction.

“This together with the fact that probably consumers are already back to normal in terms of traveling, is pushing the recovery of luxury goods.”

In its most optimistic outlook, Bain forecasts a full recovery and even growth to as much as $358 billion as soon as this year. A more cautions scenario puts recovery to 2019 levels off until 2022.

Sales of luxury apparel, jewelry, leather goods and beauty products plunged to $263 billion in the pandemic year of 2020, from 341 billion in 2019, shedding six years of growth.

Europe remains the laggard, with tourism flows from abroad still suppressed by a vaccine campaign that is behind that of the U.S.