Spending on luxury apparel, accessories and other personal items is expected to hold steady at 249 billion euros ($273 million) this year, a report by Bain Consultancy for the Altagamma association of Italian high-end luxury producers.

Add in spending on luxury cars, yachts, jets, cruises, hotels, fine art, design and food, and the market tops a stunning 1 trillion euros. As political events and monetary policy exert greater influence on luxury spending patterns, brands have turned their focus to wooing buyers in their home countries rather than counting on tourist arrivals to buoy sales, said Claudia D'Arpizio, a partner at Bain.