Home / Knowledge / News / Apparel/Garments / Asia may take over 50% of global luxury market: Report
Asia may take over 50% of global luxury market: Report
14
Aug '13
The continent of Asia is expected to take over 50 to 60 percent of the luxury market, including luxury apparel brands in the next ten years, as Asian household incomes grow and local economies expand, according to Economist Intelligence Unit (EIU).
 
The continent accounts for around two-thirds of the luxury brand market and has seen a slowdown in its luxury goods sales in recent years.
 
A recent study conducted by EIU, ‘Rich pickings: the outlook for luxury goods in Asia’ forecasts that the region will rebound to account for more than half of the luxury goods market within a decade, driven by rapid growth in household incomes, reports The Telegraph.
 
The study indicates the strongest growth would be in China, as the country is estimated to have nearly 13 million households with a disposable income of US$ 150,000 or more by 2030.
 
India is expected to have more than 30 million households with estimated annual incomes exceeding US$ 50,000 by the same time.
 
The study forecasts that India would become a “key battleground for luxury brands as the retail markets would open up for foreign investments.”
 
Malaysia and Thailand are expected to be major shopping destinations with the former benefitting from low import duties on luxury goods.
 
However, the study indicated that not all countries would be contributing to the growth, especially Japan, as the country is suffering from a weak currency and fragile consumer confidence, which will hamper its potential.
 

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search