Global luxury sector to grow 10 percent in 2013

[October 17, 2011]  MILAN (AP) -- The global luxury market has continued its surge as experts project 10 percent growth in 2013.

Bain & Company says in a report commissioned by Italian luxury producers that a resurgence of growth in the U.S. and European markets coupled with strong performance in China and Latin America are driving growth in the sector. Japan also returned to growth.

Bain also revised its 2010 figures to euro173 billion, or a 13 percent growth from a year earlier, compared with earlier figures of euro172 billion.

Bain forecasts growth in 2011 is being driven by jewelry and watches, up 18 percent, accessories, up 13 percent, and apparel up 8 percent.

The report was released Monday by the Fondazione Altagamma association of Italian luxury producers.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.