mcloudy.png
Tuesday August 16th, 2022 8:35PM

Luxury market seen as growing in 2022 despite inflation, war

By The Associated Press
Related Articles
  Contact Editor

MILAN (AP) — Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday.

While much of the world is fretting over higher fuel and energy prices, the study by Bain & Company consultancy indicated that the global luxury market remains set for growth, largely due to the continued resiliency of the world’s wealthiest people.

The global luxury market grew by nearly one-third to 288 billion euros ($198 billion) last year, rebounding from its worst recorded dip due to the 2020 pandemic lockdowns, according to the study commissioned by Italy’s Altagamma association of high-end producers.

Sales of personal luxury goods including apparel, accessories and footwear posted high double-digit growth in the first quarter of this year, despite the first signs of economic uncertainty tied to the Russian invasion of Ukraine, Bain said.

In its most pessimistic outlook, assuming global inflationary pressure, Bain forecasts growth in the sales of high-end personal goods this year to grow by 5% to around 305 billion euros. But the consultancy also sees a case for up to 15% growth if the current trends continue, pushing the market to 330 billion euros next year.

The United States and Europe have boosted growth so far this year, while sales are expected to hit a hard stop in China due to COVID-19 restrictions in key cities.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
High court rules religious schools can get Maine tuition aid
The Supreme Court has ruled that religious schools can’t be excluded from a Maine program that offers tuition aid for private education
10:39AM ( 7 minutes ago )
Stocks gain ground, clawing back a piece of last week's drop
Stocks rose broadly on Wall Street Tuesday, clawing back some of the ground they lost in their worst weekly drop since the beginning of the pandemic
10:31AM ( 15 minutes ago )
Luxury market seen as growing in 2022 despite inflation, war
Neither inflation nor war in Ukraine seem to be threatening to take a bite out of the luxury fashion market
10:27AM ( 20 minutes ago )
Associated Press (AP)
Stocks open higher, clawing back a piece of last week's drop
Stocks are opening broadly higher on Wall Street Tuesday, clawing back some of the ground they lost in their worst weekly drop since the beginning of the pandemic
9:46AM ( 1 hour ago )
Supreme Court rejects Bayer bid to stop Roundup lawsuits
The Supreme Court has rejected Bayer’s appeal to shut down thousands of lawsuits claiming that its Roundup weedkiller causes cancer
9:38AM ( 1 hour ago )
'Everything is on fire': Ukraine region weathers bombardment
Russian attacks are laying down a curtain of fire across areas of eastern Ukraine where pockets of resistance are denying Moscow full military control of the region
9:29AM ( 1 hour ago )
AP Business
EXPLAINER: What's next after Russia reduced gas to Europe?
The war in Ukraine is fueling fears of a natural gas emergency in Europe
8:14AM ( 2 hours ago )
UK rail strike strands commuters, pits workers against govt
Tens of thousands of railway workers have walked off the job in Britain, bringing the train network to a crawl in the country’s biggest transit strike in three decades
7:40AM ( 3 hours ago )
Global stocks rebound as Wall St futures gain after holiday
Global stocks have rebounded as Wall Street futures moved higher after U.S. markets were closed for a holiday
5:39AM ( 5 hours ago )
AP Business - Economy
Most land mine use by US military banned, except for Korea
President Joe Biden’s administration says it's restricting the use of anti-personnel land mines by the U.S. military, aligning more closely with an international treaty banning the deadly explosives
10:42AM ( 5 minutes ago )
Stocks gain ground, clawing back a piece of last week's drop
Stocks rose broadly on Wall Street Tuesday, clawing back some of the ground they lost in their worst weekly drop since the beginning of the pandemic
10:31AM ( 15 minutes ago )
1/6 panel to hear from Raffensperger, others Trump pushed
The House Jan. 6 committee is set to hear from local officials who fended off Donald Trump’s pressure to overturn the 2020 presidential election
10:20AM ( 27 minutes ago )
Judge resets trial to Oct. 24 for 2 ex-cops in Floyd killing
A judge has rescheduled the state trial for two former Minneapolis police officers in George Floyd’s killing to Oct. 24 to resolve dueling requests for a new trial date
10:15AM ( 32 minutes ago )
Nobel sold for Ukrainian kids shatters record at $103.5M
Nobel Peace laureate Dmitry Muratov says he was not expecting the medal he was auctioning off to help Ukrainian child refugees sell for the record amount of $103.5 million
10:12AM ( 35 minutes ago )