Thanks to a potent cocktail of turbulent currency exchange rates, political volatility in Britain and the United States, and fears about terrorism in Europe, the world’s wealthiest shoppers are keeping their wallets shut, according to a study published Thursday by the Italian luxury goods association Altagamma and the global consultants Bain & Co. “After years of unstoppable growth, this is the new normal for the luxury industry,” said Federica Levato, a Milan-based partner at Bain.

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