Luxury market sees slowing growth

The luxury market may be less buoyant this year, as analysts are cutting growth forecasts for the luxury goods due to a fall in international tourism.

The Italian luxury goods producers' foundation Altagamma said Tuesday that 27 surveyed analysts lowered their consensus forecast for Europe to 2 percent growth from 4 percent earlier as high-spending tourists canceled travel plans after November terror attacks in Paris.

The decline is partially offset by a recovery in domestic spending.

Analysts also cut forecasts for North America, Asia and Latin America to zero growth, with North America hampered by a strong dollar discouraging foreign visitors and domestic consumption.

Japan, however, is forecast to grow by 5 percent.

The luxury market last year was worth 253 billion euros, a 13 percent year-on-year jump at actual exchange rates.

Image:Louis Vuitton Spirit of Travel