Source:
ReutersMILAN (Reuters) – The global market for luxury goods is expected to return to pre-crisis levels in 2011 on the back of a 10 percent growth this year, helped by booming Asia and Chinese tourists shopping in Europe, a report said on Monday. U.S. consultancy Bain & Co said in a study on the outlook for the industry published on Monday it expects sales of luxury goods to rise between 3 and 5 percent next year, with leather bags, watches and jewels driving the recovery.
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"On the basis of the preliminary 2010 figures, we can confirm that positive trend," Santo Versace, who is also chairman of Italian fashion house Versace. Global sales of luxury goods are expected to grow 10 percent to 168 billion euros this year, after falling 8 percent in 2009, the worst year for the industry in more than two decades, the study said.
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China remains the fastest-growing luxury market with sales expected to rise 30 percent this year, while crisis-hit Japan will start to recover only next year, the study showed. Sales in Europe, whose luxury brands account for around 75 percent of the global market, are seen up 6 percent this year, fueled by shoppers from emerging markets such as China.
The United States, where sales fell 15 percent in 2009 hit by discounts at department stores, are seen growing sales by 7 percent higher this year, or 12 percent at constant foreign exchange rates.
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