Chinese demand for luxury to rebound in H2
31/07/2013
"We expect a slow but steady recovery of Chinese luxury demand because of the underlying appetite for luxury and wealth creation continuing," Zurich-based analyst Andrea Gerst told Reuters.
Analysts estimated that growth in the global luxury goods industry will be between 6% and 8% this year, or about twice the level of global GDP growth, compared with 10% growth last year.
Luxury groups LVMH and Kering last week reported a growth in sales in the second quarter. "People feared that less canvas and more leather could impact Louis Vuitton's margins," said Exane BNP Paribas analyst Luca Solca.
"It is a relief that there is an improvement in the second quarter and that the margin at Louis Vuitton stopped deteriorating," added Mr Gerst.
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