Growth in the luxury private jet market is set to dip by 5 percent while luxury yachts have a zero growth outlook for 2016 as consumers are increasingly preferring to spend on experiences than playthings, according to the latest Bain Luxury Study, which forecasts a 4 percent rate of growth in 2016 for the overall industry.
The annual review of the global luxury market shows lifestyle outlays on items such as hotel stays, cruises and edible experiences holding up more strongly than the spend allocated towards pricey goods.
According to Claudia D'Arpizio, a Partner at Bain & Co. and the lead author of the report, which was released late last week, the sales of smaller luxury items, seen down by 1 percent in aggregate, are also struggling.
"In particular, the personal luxury goods market is suffering a little bit. Fashion, bags, shoes, jewellery and watches to be precise," she told CNBC.