Chinese shoppers both at home and abroad are pushing personal luxury sales to new heights.
A new study by Bain & Company released on Monday forecasts the global luxury goods market for apparel, accessories, jewellery, cosmetics and art will grow 10 per cent this year to 212 billion euros (US$274 billion), from 192 billion euros last year. That would be the third straight year of double-digit growth.
Bain expects spending for the holidays to increase by seven per cent this year over last year. But the real boost is from Chinese consumers, who this year became the top luxury buyers responsible for 25 per cent of global purchases. Europeans contributed 24 per cent to global sales, Americans 20 per cent and Japanese 14 per cent.
Fondazione Altagamma, Italy’s luxury trade association, commissioned the study.