8 May 2012

Luxury goods market tipped to grow

3:22 pm on 8 May 2012

The global luxury market is forecast to grow by up to 7% this year despite the financial crisis.

A study by the Altagamma Foundation in Italy shows sales will exceed 200 billion euros, but growth is forecast to fall short of the 10% experienced in 2011, due largely to slowdowns in consumption in Italy and Spain.

China continues to drive growth, with forecasts predicting a boom of 18% to 22%, while India is showing an acceleration in consumption of between 15% to 20%, AFP reports.

The report, compiled by Bain&Company, also said the luxury market is expected to grow between 2% to 4% in Europe and between zero and 2% in Japan.

Leather accessories, jewels and watches are the most dynamic markets.