Global sales of luxury goods are in the middle of a boom, despite growing inflation rates, according to industry forecasts.
Growth appears to be encouraged by a surge in post-pandemic demand by younger consumers, for apparel, handbags, jewelry, footwear, and other accessories.
European high-end product firms are still making strong gains, despite the rise in prices caused by severe material shortages and rising energy costs, according to the consultancy firm Bain, which was commissioned by Altagamma, the Italian association of luxury item producers.
The report, which was released on Nov. 15, predicted that sales of personal luxury goods would rise 22 percent, to $367 billion, by the end of the year, from $300 billion in 2021. This is well ahead of the previous estimate in June, which predicted a $344 billion sales increase for 2022….