MILAN – Global sales of personal luxury goods are forecast to contract for the second straight year, as well-heeled shoppers rebel against extravagant price hikes on ho-hum offerings and global turmoil shakes confidence, according to a new study by the Bain & Co. consultancy released on Thursday.

Sales of high-end apparel, footwear and handbags are expected to drop 2% to 358 billion euros ($412 billion) this year from 364 billion euros in 2024, Bain said in its semiannual market update for the Altagamma association of Italian luxury producers.

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The dip would mark the first two-year slowdown since the 2008-09 global financial crisis.

“It is not a disaster scenario, yet you see consumers are trading down to accessible brands, not because they don’t have the money b

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