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Luxury Growth Weakest Since 2009 Amid Geopolitical Turmoil: Bain

Worldwide luxury-goods sales could increase this year at the slowest pace since 2009 as spending falls for the first time in China and turmoil in Hong Kong and Russia curbs tourist consumption, according to Bain & Co.

Global sales of personal luxury items from handbags to watches will rise 2 percent to 223 billion euros ($282 billion), Bain estimated in a report today. That would be the weakest growth since sales fell five years ago. Revenue will rise 5 percent when excluding currency swings, Bain said.