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According to the findings of Bain & Company's Bain Luxury Study 2017 Spring Update, the global personal luxury market is expected to grow two to four percent this year, due to a firm Chinese purchasing rebound, among other factors.

The report unveiled a promising outlook for the Chinese luxury market, where consumers demonstrate a strong preference for purchasing luxury goods domestically.

This is expected to soar up to eight percent this year, while Chinese tourists will still remain as significant spenders abroad, mainly in Europe.

The results of the study also indicate the potential of the global luxury retail sector, expected to reach the value of EUR259 billion (USD290.98 billion) this year.