Textiles

Luxury goods market likely to revive by 2010

08 Dec '09

1 min read

Global market for luxury products has grown at a pace of 15% for a year, outperforming mainstream apparel sectors.

But, during the past few months, the market experienced shrinkage of 10% during the first two quarters of 2009 due to economic crisis.

There was a shift in the shopping trends of the consumers making them to move towards private labels and cheaper brands.

Industry analysts predict that sales of luxury products will have a sluggish growth in 2009, and will revive by the end of 2010.

Industry analysts also predict that sales in the segment will further increase by 4% by 2011, and ultimately recover completely in 2012.

Companies need to adopt new strategies, and opt for cost cutting tactics, and attempt to develop a premium shopping experience.

Click here to read the complete article.

Fibre2fashion News Desk - India

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