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Luxury market set to hit $1.5tn

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According to Financial Times the market for luxury is set to hit $1.5tn this year, expand 7 percent.

A report made by Boston Consulting Group reveal that spending on experiences (from spas to safaris) grew 50 per cent faster than on goods last year.

 

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The study highlights the growing trend towards luxury experiences, such as exotic holidays and art auctions. The market is worth $770bn, or more than half the total, and growing at a faster rate.

Europe represents 70 per cent of worldwide luxury manufacturing and the industry directly and indirectly employs 1.5m people, according to Altagamma.

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Written by Rachel Leroy

Leroy Rachel is founder of justelite website. Her target is to bring this website in top 10 luxury blogs by the end of next year.

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