Global luxury goods sales forecast to grow 2 pct
MILAN (AP) — A study shows that a tumultuous series of geopolitical events is slowing growth in the luxury goods sector.
The study of the global luxury trends, released Tuesday by consultancy Bain & Company, indicates sales of designer apparel, leather goods and jewelry are expected to increase 2 percent this year to 223 billion euros ($282 billion) from 218 billion euros in 2013.
Senior Bain partner Claudia D'Arpizio said that the crisis in Ukraine, demonstrations in Hong Kong, a military coup in Thailand along with record cold in North America and declining consumer confidence in Europe all have slowed the pace of luxury goods purchases.
Chinese consumers retain their place as the biggest collective spenders, snapping up nearly one-third of global luxury goods, although growth there was slowing amid anti-corruption measures.