The total world sales of luxury goods in 2014 will grow by 10%, according to experts from Emerging Money, according to an article published on the site of the NASDAQ group. Leading role in the growth of sales of luxury brands will play China and Japan.
China is currently the largest luxury market in the world, accounting for 29% of global luxury consumption. In second place is Japan. Accordingly, brands of luxury goods, represented in this region, expect significant growth, experts say. Among such brands they name Tiffany, Burberry Cartier, Chanel, Lancôme, Versace, LVMH and others.
Chinese luxury buyers are much younger than in the US and Europe, so the market will grow faster due to the fact that a large age group will make purchases for a longer period of time.
More than 80% of buyers of luxury goods in China are younger than 45 years, while in the United States this category of population is 30%, and in Japan - 20%.
Nevertheless, according to a recent study conducted by the global consulting company Bain & Company, the Chinese luxury market in 2013 grew by only 2%, while last year it showed an increase of 7%.