A new study shows that global spending on luxury goods was flat this year, hampered by global uncertainties including the U.S. presidential elections and the terror threat in Europe.
A study by Bain & Company consultancy released Thursday shows that the global luxury market is steady at 249 billion euros ($273 million) this year. Add in spending on luxury cars, yachts, jets, cruises, hotels, fine art, design and food, and the market tops a stunning 1 trillion euros.
Bain partner Claudia D’Arpizio says brands are reacting to political uncertainty by trying to secure the loyalty of local customers with more affordable and inclusive productions.
The study shows that for the first time in years, spending by China’s consumers shrank, albeit slightly, from 31 percent of the total to 30 percent.