Leathergoods to lead in 8% growth of luxury market
Global luxury sales should grow 8% this year to $185 billion, with leathergoods paving the way, according to a study by US-based research group Bain & Company released on 3 May, 2011.
The forecast was raised from an earlier estimate of growth of between 3 and 5% but would still be lower than last year’s result of 12% growth in the luxury market. Bain said growth would average 5 to 6% per year until 2014.
Growth in the Chinese market will be 25% this year, it said, adding that continental China without Hong Kong and Macao was set to become the third biggest luxury market after Japan and the United States within five years.
Meanwhile the Japanese market, the study forecast, will suffer as a result of the tsunami there earlier this year with a 12-month contraction of 5% and will only start recovering in the third quarter.
Bain also forecast 7% growth for the Americas and 8% for Europe in 2011 and said that the biggest rises for luxury goods would be for leathegoods, watches, jewellery and clothes.
