Asia and Europe save the luxury industry

The world’s luxury market will grow larger than expected, according to an analysis. Growth is mainly due to Europe and Asia, which is offset by falling the US sales – origo wrote.

The Global sales of luxury goods are expected to reach 254-259 billion euros this year. This means that the luxury goods market is growing by 2 to 4 percent. More than previously expected.

Growth is due to the increase in spendings in Europe and China, which offsets the drop in demand in the US and Southeast Asia.

Last year, the luxury goods market in the world reached 249 billion euros. In the first quarter of this year, the sales in the sector grew by 4 percent year-on-year. (Origo MTI)