The Bain Luxury Study 2017 Spring Update, released in early June, has predicted that the global personal luxury goods market will grow by 2% to 4% to $284-$289.6 billion in 2017. According to the report, this growth will be driven by “healthier local consumption in China and increased tourism and consumer confidence in Europe”. In addition, Millennials “will be a key driver to push the market to €290 billion ($324 billion) in sales by 2020”. This numbers, encouraging as the may be for the diamond and jewelry sectors, may have a thorn on their side. According to a new piece published on IDEX Online, challenges abound for the future growth of the luxury sector.
