Russia’s economic trials paves opportunity for luxury
By Staff Reports, 2016-10-10+, Luxury Daily, Retail
Devalued currency rates in Russia have spurred an uptick in tourism and the purchase of luxury accessories within the market.
Although Russia’s luxury sector has had its share of highs and lows, many brands have worked to capitalize on its potential.
With the depreciation of the Russian ruble, the Russian market recognized a +2% increase in purchased personal accessories (in rubles), compared to US dollar purchases which declined by -30%.
Despite the depreciation, Russian affluents opted to stay local to shop, rather than flying to destinations such as London or Paris to effectuate high-end purchases, since the prices of luxury goods became more attractive at home.
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