Travel and shopping for luxury goods go hand in hand, according to the Global Powers of Luxury Goods 2017 Report.
The report, conducted by Deloitte, surveyed over 1,300 luxury consumers from 11 countries to delve deeper into purchase behaviors.
Luxury companies generated sales of $212 billion in 2015, down 4.5% year-on-year. However, all sectors saw growth, including the apparel and footwear sector, which increased 4.4% in 2015. Bags and accessories remains the fastest growing sector.
Deloitte found that travel and tourism represents the area with the greatest growth opportunity for the luxury category, with almost half of luxury purchases made by traveling shoppers. Of those purchases 31 percent were made in a foreign market and 16 percent in the airport.
Emerging luxury markets like China, Russia and the United Arab Emirates (UAE) are driving growth in the luxury goods sector. The report found that 70 percent of consumers in emerging markets claim to have increased their luxury spending, compared to 53 percent of consumers in more mature markets.
While Italy and France carry on their traditions for being sources of luxury purveyors, 61 percent of consumers surveyed said they believe the luxury sector will be disrupted as the next generation of digital technologies, including 3-D printing, artificial intelligence and robotics.