Casual fashion driving growth in luxury goods industry

Casual fashion driving growth in luxury goods industry
The Associated Press

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.

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