According to Bain & Co, luxury goods including designer clothes, leather goods, watches, jewelry and such were predicted to have a 10% increase in sales in 2010, reported in a study commissioned by Italy’s Fondazione Altagamma association of high-end producers. Sales had declined by 8% in 2009.
So far US sales of high-end items are up 12% with wardrobe replenishment after a year of careful holding back, Asians up 22% and Europeans spending 6% more for luxury items. With the holiday season still ahead, Bain predicts a 9-11% growth during that period, so it’s time to open your wallets folks, and keep the stores in business.
Powering the spending are the Chinese with sales growing 30%. Chinese tourists are traveling the world en masse and spending as they go. The study reports that larger brands are faring better than smaller ones, which may foretell the possibilities of mergers or absorptions of small companies, and menswear is growing faster than women’s wear… amazing? Our men are browsing the internet for their favorite brands and buying online.
Leather goods purchases had held up and are expected to grow by 16%.
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