Global luxury market to grow by 7% in 2012
09/05/2012
A study by an Italian foundation released on 7 May, 2012, showed sales will exceed the EUR200 billion mark but growth is forecast to fall short of the 10% seen in 2011, due largely to slowdowns in consumption in Italy and Spain.
“The market outlook is very positive despite socio-economic turmoil: with an expected growth around six to seven per cent at constant exchange rates, the luxury market will exceed the record of 200 billion euros in 2012,” the Altagamma Foundation said.
China continues to drive growth, with forecasts predicting an 18 to 22% boom, while India shows a growth acceleration of between 15 and 20%.
“Apart from Spain, Italy and Japan, high-end goods markets are growing significantly across the world,” said Armando Branchini, secretary general at Altagamma Foundation, which monitors luxury markets worldwide.
On average, the luxury market is expected to grow between five and seven per cent in the Americas, between two and four per cent in Europe and between zero and two per cent in Japan, the report compiled by BainCompany said. Leather accessories, jewels and watches are the most dynamic markets.
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