The market for luxury products is back

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. However, many of its finding are relevant to the luxury tourism sector. For example, according to D’Arpizio and Federica Levato, the lead authors of the study, among the factors that are leading growth rates are a resurgence in Chinese consumer spending at home and abroad, and the return of tourism confidence in Europe.