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Slowdown in luxury goods market

02/11/2015
Falling consumer demand in China and lack of spending in Russia has meant the growth in the luxury goods market has slowed to 1% to 2% this year from 3% last year, according to consultancy Bain & Co.
 
It grew at a rate of 13% in 2011, 5% in 2012 and 6% in 2013.

The market is set to reach $277 billion by the end of the year, 13% higher than last year.
"I think some luxury brands focused on China too much and lost focus on the local European customer base and as a result, some of them feel betrayed by these brands," said study author.

Chinese consumers represent 31% of total luxury sales, North Americans 24% and European 18%, said Bain. About 80% of Chinese luxury goods shopping is done abroad.

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