Luxury Goods Market Will Return to Growth in 2017, Bain Report Says
A luxury shopping mall in Milan. Bain & Company expects annual sales for personal luxury goods, which include high-end fashion, handbags and jewelry, to total more than $312 billion by 2020. Credit Miguel Medina/Agence France-Presse ? Getty Images
LONDON ? Consumers of luxury goods will apparently worry for only so long about the effects of global unrest, economic fluctuations or a volatile political outlook before they start spending again. Or so suggests a new report by the consulting firm Bain & Company, which predicts an upturn in the beleaguered luxury industry this year.
After slowing sales amid fears of terrorist attacks, unpredictable stock markets and currency fluctuations that kept many tourists away from cities including Paris, the market will return to growth in 2017, according to the Bain report, the Worldwide Luxury Market Monitor, which was released on Monday. The report estimates a global personal luxury goods market of 254 billion euros to ?259 billion ($284 billion to $289 billion) in 2017, assuming constant exchange rates, up 2 percent to 4 percent from ?249 billion last year. ?It is a sad state of affairs, but people are becoming more accustomed to uncertainty being part of their lives,? said Claudia D?Arpizio, a partner at Bain who specializes in the luxury and fashion industries. ?The impact of events like terror attacks are becoming less strong on the luxury market.?
The stronger forecast for 2017 stems from three factors, Ms. D?Arpizio said...
-------------------------------- |
|
MG EXE181 Electric Hypercar Concept
27-04-2024 08:32 - (
luxury )
Buoyant Antigua Tourism Drives Luxury Real Estate Market
27-04-2024 08:19 - (
luxury )