Luxury goods market to reach $285 billion this year - leatherbiz: Lead Leatherbiz

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Luxury goods market to reach $285 billion this year

16/05/2013
Spearheaded by growth in leathergoods, the global market for luxury goods is expected rise between 4% and 5% this year to $285 billion, excluding currency shifts, according to Bain and Co.

The consultancy says the slowdown in Europe will be offset by a growth in Southeast Asia and the US, and the overall rate is similar to last year.

The industry is expected to grown 20% in Southeast Asia as destinations such as Singapore benefit from increased tourism. Demand for luxury is also rising in Malaysia and Indonesia, leading companies to open stores there.

“We see Southeast Asia as the next engine for long-term luxury growth,” said Claudia D’Arpizio, a partner at Bain.

Sales are estimated to rise about 7% in China, about a third of last year’s rate.

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