MILAN (AP) — A new study predicts healthy growth in global luxury goods sales this year, even though the Manchester attack and changing U.S. travel policies bring uncertainty.

Bain & Co. consultancy said Monday that luxury goods sales last year totaled 249 billion euros ($280 billion), compared with 251 billion euros in 2015. They are expected to grow by 2 percent to 4 percent this year.

The projections reflect improved confidence in Europe, which suffered declines after attacks in Paris, and solid performance in China. They will offset a slowdown the U.S. due largely to the strong dollar and uncertainty over travel policy.

For 2017, European sales are expected to increase 7-9 percent, while formerly double-digit China is seen growing a more moderate 6-8 percent. A slight contraction is forecast for the Americas.