Spending on luxury apparel around the world is recovering, but will continue to lag behind leather goods and other accessories in growth terms, according to a new report.

Luxury goods revenues around the world are set to increase as much as 50% faster than global GDP, according to the spring 2013 update to the Luxury Goods Worldwide Market Study, from luxury goods industry advisor Bain & Company.

Revenues are expected to rise by 4-5% this year and by 5-6% as an annual average to the end of 2015, topping EUR250bn (US$330bn) by the middle of the decade.

The update confirmed that luxury goods revenues increased by 10% in 2012, driven by a strong first half of the year.

Looking to the future, the report expects high consumer confidence and increased store openings to fuel luxury goods growth in the US, while Brazil and Mexico will drive growth in the Americas.

China is expected to stabilise, with South-East Asia showing strong growth, while Japan will return to good growth – but Europe will remain a “challenge” for the industry.

“We are seeing a more even distribution of global growth,” said Claudia D’Arpizio, a Bain partner in Milan and lead author of the study.

“In turn, brands are refocusing from short-term, reactive hot-spot thinking to long-term, sustained growth strategies.”

Bain estimates that the global luxury goods market in 2025 will be more than five times larger than it was in 1995.