Chinese consumers driving growth of global luxury goods industry

Chinese consumers were one of the key driving forces for the growth of the global luxury goods industry last year and will continue to be so this year, according to a report by Bain & Company and Italian luxury goods manufacturers' industry foundation Fondazione Altagamma.

Released in November, the report found that the luxury sector worldwide is proving resilient to the uncertainties that continued to characterize the global economy in 2019.

The total market value in the world is about 1,268 billion euros ($1,412 billion), a year-on-year rise of 4 percent. The report found that personal luxury goods observed the same growth of 4 percent, rising to 281 billion euros last year.