Chinese travelers help strengthen luxury sector
By Colleen Barry |
October 19, 2010, Tuesday
|
Print Edition
Print Edition
THE luxury sector is rebounding better-than-expected this year thanks in large part to wealthy Americans replenishing their wardrobes after a year of self-denial and nouveau riche Chinese indulging in a worldwide spending spree, according to a new study released yesterday.
Sales of designer clothes, fine leather goods, jewelry, watches and other indulgences around the globe is forecast to surge 10 percent to 168 billion euros (US$236.7 billion) this year, recovering from a disastrous 2009 when sales declined 8 percent to 153 billion euros, Bain & Co said in its annual review of the sector commissioned by Italy's Fondazione Altagamma association of high-end producers.
"It is really impressive how customers have rebounded in their approach to these purchases, in particular in the United States and in Europe," said Bain partner and luxury goods expert Claudia D'Arpizio.
Sales in the US market were up 12 percent, compared with 6 percent growth in Europe and 22 percent growth in Asia, Bain said.
Leather goods, the only category to hold steady during last year's dramatic declines, is expected to increase 16 percent to 43 billion euros, while apparel, the leading sector, grew 8 percent to 45 billion euros.
Asian luxury sales were powered by China, where sales grew 30 percent. China is likely to become the third largest luxury market in five years.
But Chinese tourists are the real story in Asia as they have extended their spending-fueled travels beyond Asia.
"The big surprise of the last few years are the Chinese. ... Now they are very visible in Europe and also the United States. They are traveling all over the world," D'Arpizio said.
Sales of designer clothes, fine leather goods, jewelry, watches and other indulgences around the globe is forecast to surge 10 percent to 168 billion euros (US$236.7 billion) this year, recovering from a disastrous 2009 when sales declined 8 percent to 153 billion euros, Bain & Co said in its annual review of the sector commissioned by Italy's Fondazione Altagamma association of high-end producers.
"It is really impressive how customers have rebounded in their approach to these purchases, in particular in the United States and in Europe," said Bain partner and luxury goods expert Claudia D'Arpizio.
Sales in the US market were up 12 percent, compared with 6 percent growth in Europe and 22 percent growth in Asia, Bain said.
Leather goods, the only category to hold steady during last year's dramatic declines, is expected to increase 16 percent to 43 billion euros, while apparel, the leading sector, grew 8 percent to 45 billion euros.
Asian luxury sales were powered by China, where sales grew 30 percent. China is likely to become the third largest luxury market in five years.
But Chinese tourists are the real story in Asia as they have extended their spending-fueled travels beyond Asia.
"The big surprise of the last few years are the Chinese. ... Now they are very visible in Europe and also the United States. They are traveling all over the world," D'Arpizio said.
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