About My Health Careers Internship MedBlogs Contact us
Medindia LOGIN REGISTER
Advertisement

Study Finds Global Luxury Market Set for Slower Growth

by Bidita Debnath on May 19, 2013 at 3:43 PM
Font : A-A+

 Study Finds Global Luxury Market Set for Slower Growth

A study released by research consultancies Bain & Company and Fondazione Altagamma showed that the global luxury market will grow by a relatively modest 4-5 percent in turnover this year compared to the 10 percent expansion seen in 2012.

"We are seeing a more even distribution of global growth," said Claudia D'Arpizio, a Bain partner in Milan and lead author of the study.

Advertisement

"In turn, brands are refocusing from short term, reactive hot spot thinking to long-term sustained growth strategies," she said.

Turnover reached 212 billion euros ($273 billion) in 2012.

The study found that wealthy tourists were seeking out new destinations like Dubai, South East Asia and Australia, with a particularly marked drop in the numbers of Japanese visitors to Europe.
Advertisement

It also said the growth in luxury watch purchases were down in the booming Chinese market and sales in cosmetics had fallen off in mature markets.

While growth in the Chinese luxury market would stabilise at seven percent this year, the study found, it would explode by 20 percent in South East Asia -- driven by new store openings.

"Europe remains a challenge for the industry," the two research consultancies said in a statement.

"As tourism slows, as tourists spend less per visit and as Europeans, especially in southern Europe, curtail spending, Bain expects flat-to-two percent growth" in 2013, it said.

It also forecast a five-percent rise for the Middle East and a seven-percent increase for the United States, while Latin America would grow by 12 percent.

Andrea Illy, head of the Fondazione Altagamma, said the luxury market had a crucial importance for the Italian economy, accounting for 24 percent of exports and 2.0 percent of gross domestic product GDP.

Source: AFP
Advertisement

Advertisement
News A-Z
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Advertisement
News Category
What's New on Medindia
International Day of Persons with Disabilities 2021 - Fighting for Rights in the Post-COVID Era
Effect of Blood Group Type on COVID-19 Risk and Severity
Woman with Rare Spinal Cord Defect from Birth Sues Doctor
View all

Medindia Newsletters Subscribe to our Free Newsletters!
Terms & Conditions and Privacy Policy.


Recommended Reading
Stevia Herb Sweetens a Zero-calorie Global Market
Also having the appeal of being natural, a sweetener derived from the South American herb stevia is ...
Global Markets on the Radar of Winemaker in Rebel Abkhazia
A day will come when wines from his native Abkhazia will become a world-class product prized in ......
Dubai's Camel Milk Chocolate Set to Hit Global Markets
Move over cow or goat's milk, the world's first chocolate made out of camel milk from Dubai is set ....
Shopping is Indeed a Stress-buster for Malaysian Women!
The survey conducted by global market research company Synovate on more than 1,000 Malaysian women ....

Disclaimer - All information and content on this site are for information and educational purposes only. The information should not be used for either diagnosis or treatment or both for any health related problem or disease. Always seek the advice of a qualified physician for medical diagnosis and treatment. Full Disclaimer

© All Rights Reserved 1997 - 2021

This site uses cookies to deliver our services. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use