Global luxury sales set to hit record this year, study says

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Global sales of personal luxury goods including leather accessories, apparel, footwear, jewelry and watches are expected to grow by 22% this year, to 353 billion euros from 290 billion euros in 2021, according to the Bain consultancy study commissioned by Italy’s Altagamma association of high-end producers. “Consumption is back at pre-crisis levels, but it is also a rebirth, since there is a new consumer base that is younger, and some pockets of consumers that have been unlocked during COVID are here to stay and growing, like subcultures and ethnic groups in the U.S.,’’ said Bain partner Claudia D’Arpizio, a study co-author. U.S. sales are projected to hit 113 billion euros this year, while Europe is the globe’s second-largest market at 94 billion euros in sales. Chinese consumers are strong drivers despite the impact of ongoing COVID-19 lockdowns, but their overall weight has been reduced by the emergence of strong new markets, including South Korea and Mexico, D’Arpizio said.