The global luxury market is forecast to grow by up to 7% in 2012 despite the financial crisis, as China continues to drive consumption, a study released on Monday showed.
Sales will exceed the 200 billion euro ($260 billion) mark, but growth is forecast to fall short of the 10% seen in 2011, due largely to slowdowns in consumption in Italy and Spain, the Altagamma Foundation said.
"The market outlook is very positive despite socioeconomic turmoil: With an expected growth around 6% to 7% at constant exchange rates, the luxury market will exceed the record of 200 billion euros" in 2012, it said.
"China continues to drive growth," with forecasts predicting an 18% to 22% boom, while India, "the eternal promise of the luxury market, finally shows a growth acceleration" of between 15% and 20%.
"Apart from Spain, Italy and Japan, high-end-goods markets are growing significantly across the world," said Armando Branchini, secretary general at Altagamma Foundation, which monitors luxury markets worldwide.
On average, the luxury market is expected to grow between 5% and 7% in the Americas, between 2% and 4% in Europe and between 0% and 2% in Japan, the report compiled by Bain&Company said.
Leather accessories, jewels and watches are the most dynamic markets.
Copyright Agence France-Presse, 2012