Luxury 360 is a new and recurring post where I will examine the current luxury goods market trends and recap the main highlights. I personally like to know the big picture of the industry and sometimes find it difficult to get this information in one place.
- 2012 has proven a good year with sales for a third year in row showing double-digit growth. Globally, luxury goods sales are estimated to reach 212 billion euros in 2012, a 10% increase from 2011. Sales for 2011 were 192 billion euros up 11% from 2010.
- Accessories (leather goods and shoes combined) are the champion category of 2012 with sales up 14%. For the first time accessories are the largest piece of the market overtaking apparel.
- At 27 billion euros Greater China (Mainland, Hong Kong, Macau) is now the second largest luxury goods market behind the United States, bypassing Japan. However Greater China, which accounts for half of luxury spending in all Asian markets, is slowing with projected growth of 20% in 2012 versus 30% in 2011.
- Men are gaining share in luxury spending accounting for 41% of all sales. In 1995, men accounted for 35% of luxury purchases.
Hope you found this interesting! If you want a more in depth look into these highlights, see the Bain & Co. luxury goods market report
here.
Photo credit: Runway Passport
