This is the amount associated to the worldwide personal luxury goods market for the last year and estimated by Bain & Co. It was expected to grow – from 2014 to 2015 – only at 1 to 2 % at constant exchange rates and 13% at current exchange rates. This market should weigh for 24% of the total amount accounted of 1 044 billions €.
Personal luxury goods includes fashion, cosmetics and jewellery amongst others.
Slowing down little by little over the years even though they are still among the top in this segment, China seems to suffer from this impact on its economy.
Chinese’s preferences now went to a less materialistic way of living and are favoring traveling or spas, purchases that influences their well-being. Also, Chinese prefer to shop abroad, as the consumption tax and import tariff impede their spending and since they are willing to buy original and authentic goods that they are most likely to find outside their country.
Source : Bain & Co, Global Luxury Report, 2015
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