Positive outlook for luxury segment in 2011
The global market for luxury goods is expected to return to pre-crisis levels in 2011, according to a new study from US-based research organisation Bain & Co. The consultancy claims the sector has grown 10% so far this year, boosted by a higher volume of sales in Europe to Asian tourists.
Bain & Co believes global luxury goods sales will grow between 3% and 5% in 2011, with leather bag, watch and jewellery sales driving the increase. Sales are expected to reach $243 billion next year, up from $234 billion in 2007. Sales for 2010 are also expected to reach $234 billion after falling 8% in 2009.
China remains the fastest-growing luxury market with sales expected to rise 30% this year. Japan has struggled this year but sales are expected to recover next year.
Sales in Europe, whose luxury brands account for around 75% of the global market, have risen 6% so far this year. US sales fell 15% in 2009 but are 7% higher so far this year.
