Record sales of luxury goods in 2012

Despite the current economic downturn there appears to be no

end to the growth of luxury goods. The sector is expected to gain between 6 and 7 percent this year to over 200 billion euros, according to a study by management consultancy Bain & Co and the Fondazione Altagamma in Milan.

Despite signs of market maturation, China is still market leader in the luxury goods sector. The region is expected to grow between 18 and 22 percent this year. India, however, is showing renewed signs of growth. According to the report, the country is 'poised to create one of the largest global market opportunities in the next decade'.

Accessories and 'hard luxury' - jewelry and watches - are the sector's biggest categories, representing 29 percent and 22 percent respectively. These categories are expected to push growth of the luxury sector.

Sales of accessories and 'hard luxury' are expected to increase 10 percent this year, while apparel sales are set to grow 6.5 percent. Luxury sales in the US are expected to gain 7 percent, Latin American sales are forecast to increase 14 percent; Japan 2 percent; Asia 16.5 percent; the Middle East 8.75 percent and Europe 3.75 percent.