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Global luxury sales set to hit record this year, study says

FILE - A woman walks past a shop in Monte Napoleone street in Milan, Italy, on Oct. 20, 2016. Luxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends, according to a new study by Bain consultancy released on Tuesday, Nov. 15, 2022. (AP Photo/Antonio Calanni, File) FILE - The Prada store is shut down because of lockdown measures, at the Vittorio Emanuele shopping arcade in Milan, Italy, on Nov. 6, 2020. Luxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends, according to a new study by Bain consultancy released on Tuesday, Nov. 15, 2022. (Gian Mattia D'Alberto/LaPresse via AP, File) FILE - A model displays the collection by Russian designer Slava Zaitsev during the opening of the Fashion Week in at Zaryadye Park with the Spasskaya Tower and St. Basil's Cathedral in the background near Red Square in Moscow, Russia, on June 20, 2022. Luxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends, according to a new study by Bain consultancy released on Tuesday, Nov. 15, 2022. The disappearance of the Russian market, representing 2% of sales before the war, due to sanctions imposed after the Ukraine invasion has had "almost zero impact,'' Bain said. (AP Photo, File)