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Global Luxury Spending Exceeds €1 trillion in 2015

 

 

The global luxury market tracked by Bain & Company comprises 10 segments, including personal luxury goods, cars, luxury hospitality, luxury cruises, designer furniture, fine food, fine wines and spirits, yachts, private jets and fine art.

The overall market exceeded €1 trillion in 2015. Growth in the luxury car market was solid, up 8% from 2014, driven by positive trends in both the US and Europe. Luxury hotel sales, up 7%, benefited from steadily growing demand, particularly in Europe.

 

 

Personal luxury goods—the “core of the core” of luxury and the focus of the Bain Luxury Study— ballooned to more than €250 billion in 2015, more than tripling over the past 20 years. This represents 13% growth over 2014 at current exchange rates, while real growth has slowed to only 1%–2%.

Boosted by a strong dollar, the Americas emerged as the biggest global region for personal luxury goods purchases. The US alone accounted for €79 billion of the €85 billion regional market (or more than 90%), and remains the largest global market by far, bigger than the next four combined (Japan, China, Italy and France). However, in constant exchange rates, the US market did not deliver.

 

 

The depreciation of the euro also boosted Mainland China to the No. 3 spot in terms of global luxury value, overtaking Italy and France and trailing only the US and Japan. However, local spending in Mainland China (which represents only 20% of global Chinese shoppers’ purchases) continued to contract slightly.

New York City, Paris and London are the largest luxury cities globally, each representing a market in excess of €10 billion. Luxury goods purchases in New York City alone outweigh those across all of Japan.

Luxury consumers in mature markets, such as Europe, the US and Japan, tend to purchase locally. However, growth in these regions increasingly depends on spending by tourists.

 

Fur Industry News - Worldwide
by RB Media Group
Posted: May 31, 2016

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