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Luxury goods market to grow to 15% next year: Bain & Co


As per a study by Bain & Company, the global luxury goods market is set to grow to 15 per cent next year, pushing the market to €330 billion, The analyst forecasts, sales of luxury goods will grow by 5 per cent to €305 billion.

The global luxury goods market grew to €288 billion ($198 billion) last year, rebounding from its worst recorded dip due to the 2020 pandemic lockdowns, according to the study commissioned by Italy's Altagamma association of high-end producers.

Sales of personal luxury goods including apparel, accessories and footwear posted high double-digit growth in the first quarter of this year, despite the first signs of economic uncertainty tied to the Russian invasion of Ukraine, the report said.

The United States and Europe have boosted growth so far this year, while sales are expected to hit a hard stop in China due to COVID-19 restrictions in key cities.


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