Luxury Goods Market Growth to Slow in 2014

Sales of luxury goods are expected to grow more slowly in 2014 compared with last year as weakness in China, Russia and Europe counters rising global tourist shopping and strong demand in Japan and the United States, a study said on Monday.

Worldwide sales of personal luxury goods are set to rise 4 percent to 6 percent this year at constant exchange rates compared with a 6.5 percent increase in 2013, Bain & Co. said in the study presented with Italian luxury industry association Altagamma.