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WASHINGTON, Oct 29: Even the wealthiest consumers are cutting spending in the face of the global economic turmoil, which will likely push the worldwide luxury retail market into recession in 2009, a survey showed on Wednesday.
The high-end market, once thought immune to economic trends, has begun to feel the impact of the worldwide economic slowdown, according to the survey by Bain & Co. commissioned by Altagamma, the Italian association of Italian luxury goods companies.
The study finds that the growth of global luxury goods sales will slow sharply, to grow 3.0 per cent in 2008 to $220
billion.—AFP
