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Shoppers will spend about 250 billion euros ($275 billion) on fashion, accessories, jewellery, watches and beauty products, level with last year at constant exchange rates, Bain calculated. But the wider luxury sector, encompassing top-end cars, yachts and jets as well as treats such as high-end holidays and fine dining, are set to grow 4 percent to 832 billion euros. "There is a progressive shift from physical products to experiences, especially in the last year," Federica Levato, partner at Bain & Company and co-author of the report, told Reuters, predicting that trend would continue. The study, produced with Italian luxury trade body Altagamma, used brands' individual retail values, industry-specific data and turnover breakdown. After growing steadily since 2009, the traditional luxury sector will post slower growth of 1-2 percent next year, hitting about 280-285 billion euros in value by 2020, says Levato. Many high end brands have had to make shops more attractive, especially to younger consumers, and adapt to online sales, the fastest growing channel with 26 percent growth since 2013. "Attention will now be on organic growth, improving productivity of shops and concentrating on profitability," said Levato. After five years when sales to Chinese consumers fuelled growth, Asian tourism and consumption - mainly Chinese - slowed down in Europe in 2016 because of security threats. The United States and Japan lost out because their strong local currencies reduced the scope for bargains. Uncertainty about presidential elections in the United States in November and Britain's vote to leave the European Union has made luxury shoppers worldwide more cautious. But sales in mainland China rose 4 percent after three years of stagnation, as brands brought down prices there.
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"People will lose their jobs because when the taxes come things will become more expensive and it will affect the business. "Many people from the North have voted about immigration. But the people who separate, what is the answer for them? I haven't heard any good answers saying: 'This is what we are going to do'." Lambeth Nearly 310,000 people live in Lambeth, one of the most densely populated places in the country with over 100 people living in each hectare Complex social and ethnic mix, with large African and Portuguese populations Relatively young age profile Destination for young working-age people rather than families Image caption Helen Palmer says the future of the country has been decided by "older generations" Helen
To read more about fashion online shop visit fashion storePalmer, of Herne Hill, became visibly emotional when she described why she believed Brexit was bad for the future of her family and the country. "I felt very angry when I looked at the voting demographics and saw that it was older generations who were voting and really choosing a future for the country that the younger generations did not choose. "Everyone we know in this borough believes passionately in integration and working with others. "I'm standing in Brixton Market feeling quite emotional because it's a hugely vibrant, cosmopolitan, mixed-up melting pot of cultures. "We feel the same about Europe: no matter what are the faults of the European Union we have to be inside and have to co-operate and collaborate with our fellow Europeans." Image caption Vernon Ray moved to London in 1959 from Jamaica Vernon Ray first came to Lambeth from Jamaica in 1959 to work for London Transport. He says the referendum result is the "worst thing that could happen in the history of Britain".
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