16 Ottobre 2012

China saves the market of luxury goods

The search of Bain & Co. for High-end quantifying of 212 billion euro (+10%), the turnover of luxury in 2012. The Chinese, with 25% of the total, have become the first global consumer

di Alessandro Wagner

China saves the market of luxury goods

The market of luxury goods continues to grow, albeit at a slower pace compared to 2011, mainly thanks to purchases of Chinese citizens who became the first global consumer of luxury consumer goods this year: the market of luxury goods should in fact close 2012 with a turnover of 212 billion euro, an increase of 10% compared to 195 billion in 2011, which registered a +11% from a year earlier. And 25% of these purchases were made by Chinese, mostly while traveling abroad: the Chinese market for luxury goods, in terms of sales by geographical area, it is valid for only 7% of the total. This sums up the main message that emerged from the traditional Observatory to High-end made by Bain & Company and presented yesterday in Milan by Claudia D'Arpizio, a partner from Bain. Which in his message stressed that now we can no longer think in terms of geographical areas but of nationality, as well as master class. The two variations of annual turnover are very similar hidden but a slowdown in sales in 2012, much higher than it, seems because the exchange effect in 2012 is playing in the opposite way compared to 2011. The fact, last year at constant exchange rates, the dynamic sales was found to be even more pronounced, +13%. In 2012, however most of the growth calculated in euro is the result of the favorable exchange rate, while the +10% at constant exchange rates is halved to 5%. A slowdown, however, physiological, D'Arpizio stressed in his presentation, because the fundamental and market trends remain positive and solid and the prediction is that in the next years the market of luxury goods would continue to grow at an average rate of 4-6% at constant exchange rates. To reach 240 to 250 billion Euros of value at the end of 2015, when they might appear in an increasingly significant market in African countries such as South Africa, from which signals are very encouraging for luxury. Meanwhile, however, the luxury goods are increasingly dependent on Asian consumers in the broadest sense: as you can see from the table on the page, including Chinese, Japanese and consumers in other countries of the area get exactly 50% of the purchases. And now that tourist flows are crucial for the luxury market is clear from data from Global Blue tax free purchases in Europe, which should end the year up 28% fueling a turnover of about 30 billion and then put to sign a further 18% in 2013, always with the Chinese to lead the standings. The most curious aspect among the many in-depth of the Observatory high-end is Italian domestic market is almost double of France, about 10 billion against 6. In fact, Italy is the world's third largest after the USA and Japan, worth 18.2 billion for the 40% fueled by foreign purchases, and France is the fourth at 15.1 billion, 60% fueled by foreigners. A situation due in part to the presence in Italy of the majority of producers and outlets of fashion wear, but probably there is also a penchant for the Italian designer dress.