In a year of economic uncertainty and geopolitical crises, the overall market of luxury goods is expected to amount to some 1081 billion Euro, up 4% at constant exchange rates.
Growth in consumption in the Personal Luxury segment shows a slight decline of 1%, for a total value of 249 billion Euro.
Forecasts for 2017 indicate growth in consumption of luxury goods for individuals, with an average estimated increase of approximately 3% at constant rates.
However, the high-end industry has encountered some difficulty due to the drop in purchases by Chinese citizens, which have been the leading nationality of luxury consumers for a number of years now. This has been exacerbated by other critical factors such as the terrorist attacks, which has resulted in a decrease of tourist volumes to Europe and a less favourable exchange rate against the euro.
The situation within the industry and in the high-end markets is highlighted in the reports Altagamma Worldwide Market Monitor 2016 (presented by Claudia D’Arpizio, Bain & Company), Tax-Free Consumption in the European Union 2016 (Pierfrancesco Nervini, Global Blue) and Altagamma Consensus 2017 (Armando Branchini, Fondazione Altagamma).
