Luxury goods sales slowed by China drag as high-end consumers cut domestic purchases

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Models walk the runway during Giorgio Armani\'s "One Night Only New York” fashion show on Thursday, Oct. 24, 2013 in New York. (Photo by Charles Sykes/Invision/AP)

MILAN – A new study forecasts that global sales of luxury goods will grow just 2 per cent in 2013 as purchases in China slow down.

The analysis presented Monday by Bain & Company at an Italian industry gathering estimated 2013 luxury sales at 217 billion euros ($300 billion), up from 212 billion euros in 2012. That’s a slow-down, however, from three years of double-digit growth.

Sales of luxury goods in China are forecast to grow by just 2.5 per cent to 15.3 billion euros. The United States remains by far the largest luxury market, with sales of 62.5 billion euros, followed by Japan and Italy — which are both in contraction — and then China.

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