New report finds strong sales of luxury cars and art despite personal luxuries market being hit by weaker demand in China and Hong Kong
Growth in the personal luxury goods markets, which includes jewellery, watches and leather goods, slowed to 1-2% from 3% in 2014. It is now worth €253bn.
Strong sales of luxury cars and fine art have helped push the global luxury goods market higher than €1tn (£700bn) for the first time, according to a new report, despite slowing demand for personal luxuries such as jewellery and handbags.
The personal luxury market has been hit by weaker demand in China and Hong Kong, said the annual report from consultancy Bain & Co. Chinese consumers account for 31% of global luxury sales, followed by US consumers at 24% and Europeans at 18%.
Chinese consumers are still spending, but they are now heading to Europe and Japan – attracted by the weak euro and [...]