Luxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends, according to a study released Tuesday.
Global sales of personal luxury goods including leather accessories, apparel, footwear, jewelry and watches are expected to grow by 22% this year, to 353 billion euros ($367 billion) from 290 billion euros in 2021, according to the Bain consultancy study commissioned by Italy’s Altagamma association of high-end producers.
