China to lead growth of the luxury goods market
13/06/2018
It added that this industry could reach €390 billion in global sales by 2025.
Claudia D’Arpizio, one of the firm’s partners and lead author of the study, said: “2018 is off to a strong start. Currency fluctuations will have an impact, but we expect the healthy trend to continue across all regions and customer segments.”
“Chinese consumers continue to stand out as a growth-driver for the industry and are more fashion-savvy and digitally advanced than ever before, accelerating the shift of the industry to the millennial state of mind,” she added.
The report also offered a regional breakdown of the performance of the personal luxury goods industry.
It predicted growth of 3-5% in the Americas after the US luxury market benefited from a weaker dollar during the holiday season. Spending by tourists from Asia and Europe is also on the rise.
Bain & Company expects slightly slower growth in Europe. This comes in spite of the stronger euro, which has had an impact on tourist purchases. It predicts growth of 2-4% in 2018.
Mainland China will account for the majority of growth in 2018, according to the report. It forecasts that this market will grow by 20-22%.
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