MILAN—The terror threat in Europe, a strong dollar and uncertainty over the U.S. presidential elections have eroded the confidence of the globe’s big-spenders, holding luxury purchases flat in 2016, according to a study released Thursday. Spending on luxury apparel, accessories and other personal items is expected to hold steady at 249 billion euros ($273 billion U.S.) this year, a study by Bain Consultancy for the Altagamma association of Italian high-end luxury producers. Add in spending on luxury cars, yachts, jets, cruises, hotels, fine art, design and food, and the market tops a stunning 1 trillion euros. As political events and monetary policy exert greater influence on luxury spending patterns, brands have turned their focus to wooing buyers in their home countries rather than counting on tourist arrivals to buoy sales, said Bain partner Claudia D’Arpizio. “Brands are refocusing on the local customer base and working to develop products that are more affordable and more inclusive to meet their needs.”

Source: thestar October 20, 2016 15:33 UTC