Chinese shoppers power global luxe sales

[MILAN] Chinese shoppers both at home and abroad are pushing personal luxury sales to new heights.

A new study by Bain & Company released yesterday forecasts the global luxury goods market for apparel, accessories, jewellery, cosmetics and art will grow 10 per cent this year to 212 billion euros (S$336 billion), from 192 billion euros in 2011. That would be the third straight year of double-digit growth.

Bain expects spending for the holidays to increase by 7 per cent in 2012 over last year. But the real boost is from Chinese consumers, who this year became the top luxury buyers responsible for 25 per cent of global purchases. Europeans contributed 24 per cent to global sales, Americans 20 per cent and Japanese 14 per cent.

"Concerns about market weakness are somewhat overblown," said Claudia D'Arpizio, a Milan-based partner at Bain and lead author of the study. The luxury goods market will grow by 4 per cent to 6 per cent annually between 2013 and 2015, excluding currency swings, Bain said.

Fondazione Altagamma, Italy's luxury trade association, commissioned the study.- AP, Bloomberg

Source: http://www.businesstimes.com.sg/premium/world/chinese-shoppers-power-global-luxe-sales-20121016

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