Many European luxury consumers are continuing to cut spending on high-end goods, a category where less than 5 percent of customers boosted their outgoings in the last year, a report has found.

In a new report, McKinsey, the consultancy, stated that Europe currently delivers 36 percent of global luxury sector sales, and also proved the most resilient mature market from 2007-11, with a compound annual growth rate of 2 percent, rising to 9 percent for 2009-11.

Although Europe was the only mature region to see totals rise in 2011 year on year, McKinsey suggested a "troubling dynamic" was at work, with foreign tourists disproportionately driving this growth.