Worldwide luxury purchases largely flat in 2016

The terror threat in Europe, a strong dollar and uncertainty over the US presidential election have eroded the confidence of the globe's big spenders, keeping luxury purchases flat in 2016, a study shows.

Spending on luxury clothing, accessories and other personal items is expected to hold steady at US$249bn this year, according to a study by Bain Consultancy for the Altagamma association of Italian high-end luxury producers.