Could the above statement be true? It seems difficult to believe, but the numbers – at least numbers published today to the industry by Bain & Co, the consulting firm, in its 10th annual Worldwide Luxury Goods Market study (on general release later this week) – seem to say yes.
Consider: according to the Bain report, 2011 is going to be a record-setting year for the luxury market. Yes, you read that right. Bain predicts the industry will increase by 10 per cent beyond its current value of sales, which it estimates at €173bn. That would be growth of 13 per cent over 2009.
What’s more, the strongest markets are not just China (as expected), but also the Americas and western Europe, with sales in Europe up 10 per cent and those in the Americas 16 per cent higher. Put another way: the two most beleaguered global areas where the jobless numbers have risen are the places where someone (tourists?) are spending. A lot. Especially on high-margin watches and jewellery.
Weird, right? Read more