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Global luxury market to grow by two per cent

Global sales of personal luxury goods will rise this year, but only moderately, with higher spending in Japan and Europe compensating for flat trends in Asia and the United States.
The sector - including fashion accessories, home ware, jewelry and watches but not cars, yachts and fine art - will grow no more than two per cent this year.

Japan is expected to be the fastest growing market for luxury goods this year, with sales seen up five per cent, helped by spending from incoming Chinese tourists.

Sales in China are expected to rebound after three years of decline.

A strong dollar and uncertain consumer confidence ahead of presidential elections is expected to weigh on demand for luxury in the United States, while local spending will outweigh a slowdown in tourism in Europe on the back of security threats.

Cosmetics and leather, shoes and accessories will be the best selling product categories this year while so-called hard luxury, represented by jewelry and watches, will not grow.

In coming years, the luxury market is expected to keep expanding at an average annual rate of two to three per cent, mainly driven by growth in China.

At the end of 2015 the market was up 13 per cent. It grew one per cent at constant exchange rates.