Luxury market seen as growing in 2022 despite inflation, war

MILAN (AP) — Neither inflation nor war in Ukraine seem to be threatening to take a bite out of the luxury fashion market. While much of the world frets over higher fuel and energy prices, a new study of global luxury by Bain & Company consultancy released Tuesday indicates that high-end market sales of personal luxury goods like apparel, handbags and footwear remain set for growth. That is largely due to the continue resiliency of the globe’s wealthiest populations. In its most pessimistic outlook, Bain forecasts growth in the sales of high-end personal goods this year to grow by 5% to around 305 billion euros. But the consultancy also sees a case for up to 15% growth if current trends continue.