In association with Boston Consulting Group and EXANE BNP Paribas, Italy's Altagamma Foundation has released the 'True Luxury Global Consumer Insight 2015', a survey that details the current luxury market for consumer and retail.
The report concluded that based on the 390 million luxury consumers in the world, who spent €755 billion in 2014, the total number of consumers is expected to grow from the current figure to 465 million by 2021, when they will spend just over €1tn.
Interviewing over 40,000 people in over 20 countries and 12,500 sales outlets, the survey encapsulates a very thorough and detailed study on luxury consumers.
According to the study, consumption of personal luxury products like jewellery, watches and leather goods will increase by a compound annual growth rate of 4.7%.
