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Global Luxury Market Expected to Reach 1.26 Trillion Euros in 2019

MILAN — Despite a recent contraction in fine art sales and fluctuations in jets and yachts, demand for luxury continues to grow. According to the Altagamma Worldwide Luxury Market Monitor by Bain & Company presented here on Thursday, the global luxury market is expected to reach 1.26 trillion euros in 2019, up 8 percent compared with the previous year, or 4 percent at constant exchange rates. The personal luxury goods segment is seen growing 7 percent to 281 billion euros, driven by China and young generations. The study also confirms expectations of 3 to 5 percent annual growth at constant exchange rates through to 2025 for personal luxury goods, with sales reaching between 335 and 375 billion euros, despite potential sociopolitical issues, government commercial policies and other possible bumps. In 2019, China is showing a 30 percent growth, confirming Chinese customers’ purchases redirected locally, followed by the rest of Asia and Japan. Impacted by social unrest, Hong Kong is declining by around 2 billion euros compared with 2018. The Chinese are leading 90 percent of growth in 2019. The Millennials (the Y generation) and the Z generation contributed to 100 percent of the market growth in 2019. Gen Y is expected to reach 50 percent

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