Luxury Sales Rebound To Pre-Crisis Levels
source: http://news.yahoo.com/s/ap/20101017/ap_on_bi_ge/eu_italy_luxury_rebound
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http://www.carzi.com/wp-content/uploads/mercedes_benz_sl600_swarowski011.jpg
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 Monday.
Sales of designer clothes, fine leather goods, jewelry, watches and other indulgences around the globe is forecast to surge 10 percent to euro168 billion ($236.7 billion) in 2010, recovering from a disastrous 2009 when sales declined 8 percent to euro153 billion, 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 U.S. market were up by 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 grow by 16 percent to euro43 billion, while apparel, the leading sector, grew by 8 percent to euro45 billion.
The holiday season will solidify the results, and Bain is allowing for a final tally of 9 percent growth for modest increases and 11 percent if shoppers come out strong. Growth will cool in 2011 to 3 percent to 5 percent due to the likely continued lowering of the dollar against the euro and the strength of this year's sales.
http://www.carzi.com/wp-content/uploads/mercedes_benz_sl600_swarowski011.jpg
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 Monday.
Sales of designer clothes, fine leather goods, jewelry, watches and other indulgences around the globe is forecast to surge 10 percent to euro168 billion ($236.7 billion) in 2010, recovering from a disastrous 2009 when sales declined 8 percent to euro153 billion, 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 U.S. market were up by 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 grow by 16 percent to euro43 billion, while apparel, the leading sector, grew by 8 percent to euro45 billion.
The holiday season will solidify the results, and Bain is allowing for a final tally of 9 percent growth for modest increases and 11 percent if shoppers come out strong. Growth will cool in 2011 to 3 percent to 5 percent due to the likely continued lowering of the dollar against the euro and the strength of this year's sales.
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