Global luxury sales should grow eight per cent this year to $185 billion but Japan's market will contract, according to a study by research group Bain&Company released Tuesday.
The forecast was raised from an earlier estimate of growth of between three and five per cent but would still be lower than last year's result of 12-per cent growth in the luxury market, as the world recovered from the economic crisis.
Bain said growth would average five to six per cent a year until 2014.
Growth in the Chinese market will be 25 per cent this year, it said, adding that continental China without Hong Kong and Macao was set to become the third biggest luxury market after Japan and the United States within five years.
Source: New Age
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