Luxury Spending to Rebound in 2017 on Europe, China, Bain Says
- U.K., Spanish tourism to lead recovery in European luxury
- China’s domestic consumption will also drive growth: analysts
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Tourism in Spain and the U.K. will lead a rebound in European luxury spending this year, while Chinese domestic consumption also increases, Bain & Co. said, raising its forecast for global growth in 2017.
Sales of items such as designer handbags and fine jewelry will rise 2 percent to 4 percent to as much as 259 billion euros ($290 billion), Bain said in a report Monday. The consultancy had predicted growth of 1 percent to 2 percent in December, and the forecasts exclude currency swings.