Global sales of personal luxury goods, such as handbags and clothing, are expected to increase six per cent to eight per cent this year. Growth is expected to continue at four to five per cent a year to 2025. But China – and especially the country’s younger consumers – will account for the lion’s share of growth in 2018. The luxury goods market in China is expected to grow 20 to 22 per cent this year.

Year 2018 has been off to a strong start. Currency fluctuations will have an impact but the healthy trend is expected to continue across all regions and customer segments. Brands are adapting to the tastes of local consumers, especially the young and tech-savvy users of social media.

Local influencers and social media are also key to younger consumers in Japan, where the luxury goods market is expected to grow by six per cent to eight per cent this year. The rest of Asia, including key markets of Hong Kong and Macau, is expected to grow nine to 11 per cent. The Americas are expected to grow by three per cent to five per cent this year and Europe by two per cent to four per cent.