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The Associated Press May 7, 2012, 11:29AM ET

Global luxury goods sector continues to grow

A new survey forecasts that the global luxury goods market will top (EURO)200 billion ($260 billion) in 2012 despite the economic crisis hitting Europe.

Monitor Altagamma said Monday that luxury spending in China is expected to grow by 18 percent to 22 percent this year, boosting global sales from an estimated (EURO)191 billion in 2011 to between (EURO)201 billion and (EURO)203 billion in 2012.

The study, conducted by Bain & Company, forecasts annual global growth of 7 percent to 9 percent, bringing the market to between (EURO)235 billion and (EURO)240 billion by 2014.

Luxury goods markets are forecast to expand this year in most of the world, with the exception of Italy and Japan. North America is expected to grow by 5 percent to 7 percent, Europe by 2 percent to 4 percent.

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