Luxury market to grow by 7%

The global luxury market is forecast to grow by up to 7% in 2012 despite the financial crisis, as China continues to drive consumption, a study by an Italian foundation released on Monday, May 7, showed. Sales will exceed the 200 billion euro ($260 billion) mark but growth is forecast to fall short of the 10% seen in 2011. Apart from China, drivers of the high-end goods include Spain, Italy and Japan. Leather accessories, jewels and watches are the most dynamic markets. 

Read the full story on Rappler