Luxury goods market will hit low point

Endaba Group

After hitting a low in 2016, growth in the personal luxury goods market is expected to pick up next year. After weeks of negative news regarding the luxury sector, the 250 billion euro market is set to be boosted by a resurgent demand in the US and China, according to consultancy Bain & Co. Bain believe that demand in the US market will increase by the end of the presidential election, and the strength of the dollar has also been holding back tourist shoppers. The price difference between China and Europe is narrowing, and with China’s new tax measures and border controls, overseas purchasing is being discouraged and the Chinese market is expected to grow. Bain predicted annual growth of between 2 and 3 percent in the personal luxury goods market in the next 5 years.