MILAN — The global luxury market is expected to grow 4 percent at constant exchange rates to 1.08 trillion euros, or $1.18 trillion at current exchange. The performance was boosted by sales of luxury cars, up 8 percent, and a shift toward luxury travel, food, wine and fine art, according to Altagamma Worldwide Market Monitor 2016 and a study by Bain & Co.
The personal luxury goods industry in 2016 is edging down 1 percent to 249 billions euros, or $273.9 billion, compared with 2015, dented by geopolitical uncertainty. The year 2016 represents the first decline of Chinese spending globally, terrorist attacks that hurt tourist flows in Europe and exchange rates that were unfavorable to the euro.
Personal luxury goods are forecast to grow 3 percent at constant rates in 2017.
The data was released on Thursday.