Currency effects ‘real challenge’ as luxury market reaches €224bn in 2014
22/05/2015
Tourists make around half of all purchases, with Chinese shoppers favouring Europe, where the weak euro has made products relatively ‘cheaper’. This has taken sales from the US market, where the dollar makes them less competitive.
Global luxury spending reached €224 billion in 2014 compared with €218 billion in 2013 and €212 billion in 2012.
Around 34% of these purchases were made in Europe, 32% in the US, and 8% in Asia-Pacific.
Accessories made up 29% of the luxury market, with shoes the top performing category and men’s accessorises ‘outperforming’.
“Currency fluctuations are becoming a real challenge for the industry, impacting on price differentials and tourist flows,” said Bain partner Claudia D’Arpizio.
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