MILAN – After the uncertainties and geopolitical crisis experienced in 2016, the luxury goods industry is expected to rack up revenues of 1.16 trillion euros this year, a 5 percent increase at constant exchange rates, according to the Altagamma Worldwide Market Monitor 2017 and a study by Bain & Co.
The personal luxury sector is also seen growing 5 percent to 262 billion euros. For 2018, this sector is also expected to grow at an average 5 percent clip, lifted by a newfound consumer confidence in local European, Asian and American consumers, as well as by traveling Chinese shoppers.
Tourists are back in Europe, showing an 11 percent increase this year. The online market continues to grow and has reached a market value as big as that of Japan.