Shoppers Spent $60 Billion on These Fashion Items in 2016
A true fashion girl favors a luxury splurge from time to time, and according to a new report, there might be an abundance of these two items in their closets. Bain & Company's Luxury Study, commissioned by Italian luxury goods manufacturer Altagamma, found that while luxury spending is on the decline (analysts found lower consumer confidence came as a result of events like Brexit and the U.S. presidential election), shoppers are still shelling out big bucks on handbags and shoes.
According to the data, the accessories market as a whole saw a spike in sales between 2010 and 2015. However, that number declined between 2015 and 2016—but the two largest segments "grew moderately" in 2016, accounting for a whopping $60 billion in global sales. Not too shabby, if you ask us. The data also shows that digital sales are growing at lightning speed, making it the third-largest global market for personal luxury goods, following the U.S. and Japan.
For the full rundown on the state of the luxury market, check out the full stats, and if you're feeling spendy, keep scrolling to shop our current bag picks.
Which fashion item did you spend the most money on in 2016? Tell us in the comments.