The Altagamma foundation released a new survey on the global luxury goods sector, carried out by Bain & Company, forecasting a global sales increase of between 6 and 7 percent increase to more than €200 billion this year. Leathergoods, shoes and accessories are expected to outperform the sector with growth of 10 percent.
Asia, excluding Japan, will be the fastest-growing region, up by 16.5 percent, followed by Latin America, up 14.0 percent. China will continue to be a driving force, with an 18-22 percent increase in purchases of luxury goods. Sales of luxury goods are expected to accelerate in India, where the growth is forecast at 15-20 percent.
Growth should reach 3.75 percent in Europe, 7.0 percent in North America, 2.0 percent in Japan, 8.75 percent in the Middle East and 10.0 percent in the rest of the world.
The high end of the luxury goods market is expected to enjoy the strongest growth, rising by 7-9 percent in 2012.
Overall, the luxury market is expected to rise by an annual average of 7-9 percent over the next couple of years and reach €235-240 billion in 2014, led by jewelry, watches, leathergoods and footwear.