Luxury market growth seen at 8% next 3 yrs - study

MILAN, Oct 17 (Reuters) - World luxury goods sales are expected to grow 7 to 9 percent this year and 8 percent annually for the next three years, consultancy Bain & Co. said on Wednesday.

The Japanese market is seen as stagnant while Europe is "a very solid market", Bain partner Claudia D'Arpizio said in presenting market research on the margins of a meeting of the Altagamma industry group.

"We are forecasting an annual growth rate of 8 percent in the next three years," she said.

D'Arpizio foresaw little impact from the U.S. subprime mortgage crisis since the luxury goods market is aimed at wealthy consumers.

"There could be an impact only in the middle to low end of the market," she said.

Altagamma members are expected to post growth of about 10.5 percent this year, above the world average.

The growth will come despite "extraordinary fatigue" caused by the strong euro, slowing U.S. consumption growth and a weak Japanese market, Armando Branchini, an Altagamma official and board member of furniture maker Natuzzi (NTZ.N), told the meeting.

Altagamma groups about 60 companies, including jeweller Bulgari (BULG.MI), fashion designer Versace and shoemaker Tod's (TOD.MI).