The world luxury market has reached a "maturity and stabilisation" phase with growth of around two per cent expected this year - around the same level as in 2013.
The study by the US consultancy Bain&Company and the Fondazione Altagamma, which said in a statement: "In 2014, we are expecting continuity."
The forecasts "are far from the double-digit growth that characterised the market between 2009 and 2012", it said.
"The sector is entering a new phase that I would define as the 'new normal'," said Claudia D'Arpizio, a partner at Bain and author of the study.
"The absence in the short-term of explosive phenomena like China in recent years and a better reaction to crisis in mature markets have led to a more stable and healthy growth trend."
The study found the US would be the major engine for growth while revenues in Europe would do well mainly thanks to foreign tourist purchases.
Japan is set for solid growth but is punished by an unfavourable exchange rate. Continental China does not show a lot of dynamism, unlike Hong Kong and Macao, it said.
There has been strong growth in southeast Asia, particularly in Indonesia, it added.
The fastest-growing category was accessories.
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