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Luxury sector sales to rise 10% in 2010: Bain & Company
Hard luxury goods including jewellery expected to rise 16%
By: Diamond World News Service
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Oct 22 2010 6:01PM
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Reference: 5440  

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The luxury goods market has apparently finished its recession days in the fourth quarter of 2009 and is now looking up to a 10 percent increase in global sales for this year, - is what Bain & Company indicates through its annual study entitled ‘Luxury Goods Worldwide Market Study’. Last year the sector saw sales dip by 8 percent, the first annual decline since 1995.

In complete contrast, this year, the luxury goods sector saw a rise of 6 percent in the first quarter sales, of 16 percent in the second quarter, and 13 percent in the third quarter. Sales for the fourth quarter (including Christmas) are likely to rise 5 percent. All categories of luxury goods are predicted to enjoy increased sales: 8 percent for apparel sales, 13 percent for hard luxury goods —including watches and jewelry, 16 percent for accessories, shoes and leather goods and 4 percent for perfume and cosmetics.

Also, sales on the internet, which is an integral element and media in revenues, is predicted to rise 20 percent in 2010. It is interesting to note that, within the category of online sales, the share of discounted sales is only 30 percent, while the remainder is purchases at full price.

This recovery in the luxury sector is being attributed to double-digit increases on sales, on average, in the second and third quarters of 2010, buyer enthusiasm and confidence, strength returning back in the U.S. economy, and growth of the Chinese market.

Within the global markets, the report predicts a 30 percent rise in the Chinese market in 2010 on y-o-y basis, 22 percent for the Asia-Pacific region, expect for Japan, 12 percent for U.S. sales (representing the largest absolute revenue increase for the year) and 6 percent for Europe, but Japan is likely to see a 1 percent drop in sales.

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