The Americas look set to become the luxury industry’s largest growth market in 2013, as a government clampdown on gift-giving in China and devaluation of the Japanese yen weigh heavily on sales in Asia-Pacific.
A study by Italian luxury goods association Altagamma and consultants Bain expects luxury spending in the Americas to rise 4 per cent this year to €69bn, boosted by brand expansion in many of the US’s largest cities, strong online sales and renewed consumer confidence.
Growth in the US has also benefited from spending by Chinese tourists, particularly in Western cities like Los Angeles and Las Vegas.
“Booming tourist sales, a targeted focus by brands away from a wholesale model plus a stronger economy than other core luxury markets has given the Americas an edge over Asia so far this year,”
said Claudia D’Arpizio, head of Bain’s fashion and luxury goods practice. She added that Canada and Latin America had performed steadily over the last nine months.