The sales of luxury goods stopped in China

Geopolitical troubles and anticorruption measures in China are taking their toll on the world’s luxury industry, as sales in the sector will likely fall both in China and Russia this year while spending in Europe by extra-European Union travelers has been flat in the first nine months of 2014.

According to research by consultancy Bain & Co, presented Tuesday at a conference in Milan on the luxury goods industry organized by Italian association Altagamma, overall luxury sales will grow 2 percent this year to 223 billion euros, or 282.6, USDdown from much higher growth rates seen until 2011. (MTI)