Global sales of luxury goods will grow by 2 percent-4 percent in 2017, according to a study by consultancy group Bain & Company and Italian luxury industry association Altagamma released on May 29.
The personal luxury goods sector includes watches, jewelry, clothes, shoes, and leather goods.
The study predicts the total revenue for this sector in 2017 will rise to 254 billion-259 billion euros ($284 billion-$289.25 billion) from 249 billion euros in 2016.
There is higher spending in Europe and China compared to in the United States and Southeast Asia.
Europe is the fastest growing market for luxury goods this year. There was a 7 percent-9 percent increase in sales there.
Mainland China showed a 6 percent-8 percent growth. Chinese buyers represent 25 percent of overall luxury consumption. By 2025, Chinese consumers are expected to represent 35 percent of consumption, and Asian consumers should account for more than half, according to the study.
The luxury market is set to keep expanding at an average annual rate of 3 percent-4 percent, to reach 280 billion-290 billion euros in sales by 2020.
It will be driven by a growing Chinese middle class and a recovery in more mature markets.