Luxury industry shifts focus from top spenders to wider consumer base

The ​global personal luxury goods market is showing signs of a recovery in the ‌second quarter, despite the war in the Middle East, as demand in the US was stronger than expected, according to consultancy Bain & Company.

In an update to its closely watched annual outlook for the sector, Bain ​said its base-case scenario now points to a 2 per cent to 4 per cent rise in personal ​luxury sales this year. That compares with a previously forecast 3 per cent to 5 per cent increase ⁠published in...