Neither inflation nor the conflict in Ukraine threaten to take a bite out of the luxury fashion market, according to a study released Tuesday, AP reported.

While much of the world is worried about rising fuel and energy prices, a study by consulting firm Bain & Company found that the global luxury market is still set for growth, largely due to the resilience of the world's wealthiest people.

The global luxury goods market rose nearly a third to 2,288 billion euros last year, recovering from its worst drop since stores closed because of the 2020 coronavirus pandemic, according to a study commissioned by Italy's luxury goods association Altagamma.

Sales of personal luxury goods, including clothing, accessories and shoes, showed high double-digit growth in the first quarter of this year, despite early signs of economic uncertainty related to the situation around Ukraine, Bain noted.

In its most pessimistic forecast, which assumes global inflationary pressures, Bain forecasts sales of high-end personal goods to rise 5% this year to about €305 billion. However, the consultancy also believes growth of up to 15% is possible if current trends continue, which would bring the market volume to 330 billion euros next year.