Updated at: 10/15/2012 3:05 AM
(AP) MILAN - Chinese shoppers both at home and abroad are pushing personal luxury sales to new heights.
A new study by Bain & Company released Monday forecasts the global luxury goods market for apparel, accessories, jewelry, cosmetics and art will grow 10 percent this year to (EURO)212 billion ($274 billion), from (EURO)192 billion in 2011. That would be the third straight year of double-digit growth.
Bain expects spending for the holidays to increase by 7 percent in 2012 over last year. But the real boost is from Chinese consumers, who this year became the top luxury buyers responsible for 25 percent of global purchases. Europeans contributed 24 percent to global sales, Americans 20 percent and Japanese 14 percent.
Fondazione Altagamma, Italy’s luxury trade association, commissioned the study.
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