It's been a tough year for luxury goods, as a sluggish global economy, uncertainty about the presidential election and wild currency swings have weighed on wealthy shoppers' appetites for high-end items.
Handbags, jewelry and other personal luxury goods have been hit particularly hard, with Bain and Altagamma predicting revenues in this subcategory will fall 1 percent in 2016. That compares with 4 percent expected growth for the overall luxury goods market, being driven partly by a boost in spending on hotels and other experience-driven purchases.
Regardless of economic jitters, well-heeled shoppers will be on the hunt for the perfect holiday gifts for their loved ones. Ideas include fresh takes on perennial favorites (think jewelry and supercars), and unique experiences that won't be forgotten.
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Here is a list of gifts that are sure to wow.
Price: 12,500 pounds (roughly $15,000) for an individual package
Driving a pricey set of wheels isn't all about the car — it's also about the experience. British supercar maker McLaren is playing into that emotion with its three-night Arctic Experience package in Northern Finland.
Guests will stay at an intimate wooden hotel that previously served as home to the country's president. The package includes two days of driving on various ice and winter tracks, and a snowmobile safari.
The experience also caters to couples, with additional packages available for one or two drivers.
In a tough market for handbags, novelty items are bucking the trend. That's because they provide shoppers — and fashion labels — the opportunity to stand out.
A good example is Judith Leiber's bejeweled hot air balloon clutch. Sold at Neiman Marcus and Harrods, this minaudiere is adorned with Austrian crystals and features a detachable gold chain.
Price: Starts at $499
Who says you need a driver's license to enjoy the spoils of a luxury car? Radio Flyer, which makes everything from classic red wagons to scooters, has created a personalized Tesla Model S for kids ages 3 to 8.
The standard version comes in three colors with a 130 watt-hour battery pack and black turbine wheels. Parents willing to shell out more cash can splurge on custom features such as a higher-power battery or silver wheels.
Price: $1.5 million
With seats for a pilot and three passengers, the rose gold aircraft travels as fast as 230 mph. And in case you run into technical difficulties, the plane comes with 24-hour support for two years.
Bring Vegas to his living room with this roulette set, from luxury department store Bergdorf Goodman. The handcrafted wheel is made from mahogany, and comes packaged in a crocodile-embossed leather case. The set also includes chips, a roulette mat and rake.
Jewelry is the perfect last-minute gift for forgetful husbands. But with a unique piece like Ileana Makri's Diamond End Ring, it won't look like you waited until the last minute.
Sold at luxury department store Barneys, this ring features four uniquely-shaped white diamonds set in 18-karat yellow gold.
Wine and spirits are one of the healthier categories in high-end spending, thanks to what Bain calls the "premiumization" of cocktails.
This Johnnie Walker tasting kit comes in a limited-edition leather case by Tumi, and includes two glasses, stainless steel tongs and an ice bucket. It's sold directly by Tumi and at Harrods.
High-end watches are feeling the heat not only from a pullback in luxury spending, but also from the encroachment of smart technology.
But head-turning takes on traditional timepieces still exist, including this men's watch from Patek Philippe. Created to celebrate the 20th anniversary of one of its best-selling watches, Complications 5396 comes in rose or white gold.
Lingerie is another go-to item for men at the holidays. For the woman with expensive taste, this four-figure corset from Agent Provocateur is made from black lace and hand-sprayed with silicon. That gives it a glossy, lacquered effect.
Given last year's unseasonably warm winter, many women held off on buying a new coat. To keep her toasty this Christmas, Moncler's padded, water-repellent Tatie jacket comes complete with a fox fur collar.