The global market for luxury goods is expected to return to pre-crisis levels in 2011 on the back of a 10 percent growth this year, helped by booming Asia and Chinese tourists shopping in Europe, a report said on Monday.
U.S. consultancy Bain & Co said in a study on the outlook for the industry published on Monday it expects sales of luxury goods to rise between 3 and 5 percent next year, with leather bags, watches and jewels driving the recovery.
Global sales should rise to 173-176 billion euros ($246 billion) in 2011, up from 170 billion euros in 2007.
"In the first half of this year we talked about a light at the end of the tunnel," Santo Versace, chairman of Italian luxury goods association Altagamma which contributed to the study, said in a statement.
"On the basis of the preliminary 2010 figures, we can confirm that positive trend," Santo Versace, who is also chairman of Italian fashion house Versace.
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