MILAN (AP) — A new study shows that casual luxury is driving global sales of high-end apparel, footwear and handbags as wealthier consumers look for low-brow statements in T-shirts, sneakers and rubber sliders.
The study by Bain consultancy released Thursday shows the luxury fashion sector is set to grow by up to 8 percent this year to about 280 billion euros ($329 billion), from 260 billion euros in 2017.
Bain partner Claudia D’Arpizio says the trend in casual fashion is driven by Millennials, with help also from their comfort-seeking parents and the next generation of consumers, teens.
China is forecast to post stunning growth this year of 20-22-percent. The European and U.S. markets are forecast to see single-digit growth.