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Bain Predicts Uptick in Global Luxury Demand
Apr 12, 2016 3:09 AM
By Rapaport News
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RAPAPORT... Demand for personal luxury goods in the U.S. and China is
set for resurgence next year, lifting growth in the $285 billion (EUR 250
billion) market that hit a trough in 2016, according to a Reuters report that
cited Bain & Co.
Luxury sales
will grow about 1 percent at constant exchange rates this year compared with a 1.5-percent
increase in 2015, the news agency reported. Over the next five years, the
personal luxury goods industry will grow 2 percent to 3 percent per annum, it
quoted the Bain forecast as saying.
Consumers in
the U.S. are adopting a wait-and-see attitude and demand is expected to
increase again next year after the presidential elections, with the strength of
the dollar also holding back tourist shoppers at the moment, the report said.
Predictions
are pointing towards a similar trend in the diamond industry, with Russia-based
VTB Capital estimating global diamond jewelry sales fell 1 percent in 2015 on
lower Chinese demand and the stronger dollar. Current trends signal a recovery
ahead, with demand growth expected to be 4 percent over 2016 to 2020, the bank
said in an analysts’ note.
Bain is
scheduled to release its latest report on the luxury goods market in the coming
weeks, covering accessories, clothing, jewelry and watches, according to the
news report.
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Tags:
Bain & Co, luxury, luxury goods, Luxury Market, Rapaport News, VTB Capital
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