MILAN, Italy — Global sales of personal luxury goods are forecast to shrink in 2025 for the first time since the Great Recession, according to a Bain consultancy study released on Wednesday. The outlook could worsen if the sector is hit by tariffs promised by Donald Trump.

'This could be a nightmare if implemented, Claudia D'Arpizio, co-author of the study for Italy's Altagamma association of luxury producers, told The Associated Press. 'European brands could end up being super expensive in an already expensive environment.