Luxury Goods Market Riding High

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    The global luxury goods market will top €200 billion ($260 billion) in 2012 despite the economic crisis hitting Europe, says a Monitor Altagamma survey. It also indicates that luxury spending in China is expected to grow by 18 to 22 per cent this year, boosting global sales from an estimated €191 billion in 2011 to between €201 billion and €203 billion in 2012. Luxury goods markets are forecast to expand this year in most of the world, with the exception of Italy and Japan. North America is expected to grow by five to seven per cent and Europe by two to four per cent.