Global Luxury Retail Sales are Expected to Grow at A CAGR of 5.4%

Date: 2015-12-03

Global luxury retail sales are expected to grow at a CAGR of 5.4% during the forecast period, slightly less than the growth experienced during the historic period. The economic slowdown, anti-corruption measures on gift giving, and Yuan devaluation in China have slowed the growth of Chinese spending on luxury goods. In addition, the geopolitical concerns in Russia and Ukraine, political protests in Hong Kong, restriction on multiple entry visa policy to Hong Kong for Chinese consumers from Shenzhen, slowdown in Brazil, and the economic crisis in Greece are all taking a toll. As a result, luxury retailers are focusing on mature market such as the US and Japan.

Key Findings
– Europe will remain the largest region, despite being the slowest growing region globally

– The 10 largest luxury goods market accounted for over 80% of global sales in 2014

– The UK luxury goods market will surpass France and Italy by 2019

– Peru will be the fastest growing country for luxury goods globally

– Clothing is the largest category, followed by jewelry, watches, and accessories

– Globally governments are amending visa policies to attract Chinese tourists. The double digit growth of Chinese outbound trips is over, but consumers will continue to spend on trips, though at a slower pace

– The expansion of luxury retail infrastructure is helping luxury brands to enter and expand in developing countries

– Social media and instant messaging app are becoming an important means to augment business

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