Sales of global luxury goods are slowing due to a sharp retrenchment of demand in Asia after a clampdown on gift giving in China and as crisis-hit Europeans pull back from spending.
A study by Italian luxury goods association Altagamma and consultants Bain expects global growth of 4 per cent to 5 per cent in 2013, sharply down from 10 per cent growth last year.
The study expects growth of 6-8 per cent in Greater China in 2013, a sharp fall from estimated growth of 20 per cent in 2012. The Americas, including the US and Latin America, are forecast to see growth of about 5 to 7 per cent. Sales in Europe are predicted to be flat or at most up 2 per cent.
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