What the Growing Market for Luxury Goods Tells the Travel Industry
Photo Credit: The Mall in Florence, part of a group of luxury outlet malls in Italy aimed at tourists. The Mall
Skift Take
There's good and bad in this report. Spending will continue, of course, but it is shifting into new markets and leaving some legacy markets in the lurch.
The market for luxury products is back, according to management consulting firm Bain and Company.
"After a difficult 2016," says Milan-based Bain partner Claudia D'Arpizio, "the first quarter of 2017 brought some relief to the global personal luxury goods market." Extrapolating forward, Bain estimates worldwide growth in the luxury goods market will average two to four percent this year, noting total global spend is likely to range between $284 and $290 billion.
The 2017 Spring Update of The Worldwide Luxury Market Monitor focuses specifically on the market for consumer goods. H
