MILAN (AP) — A study says global sales of luxury goods are off to a slow start in 2013 and aren't expected to match the double-digit growth of the last three years.
Consultancy Bain & Co. said Thursday in a report that sales of luxury apparel, accessories, jewelry, cosmetics and art are expected to grow just 4 percent to 5 percent in 2013.
Exchange rate fluctuations, particularly the sharp devaluation of the yen, have had a negative impact on sales, specifically deterring spending by Japanese tourists.
Demand this year will be sustained mainly by young people with high incomes, the report said.
In 2012, luxury goods sales grew by 10 percent to 212 billion euros ($272 billion). They are forecast to grow to between 220 billion euros and 222 billion euros this year.