Global luxury sales set to hit record this year, study says

By COLLEEN BARRY
AP Business Writer

MILAN (AP) — 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. A new study by Bain consultancy released Tuesday says that 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 from 290 billion euros in 2021. The record growth comes after the sharp 2021 recovery from the global pandemic lockdowns, creating a strong trajectory despite the specter of recession next year blamed on higher raw material and energy prices.