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World luxury market outlook
01 Jun '07
1 min read
The chart (found by click here) shows the consumers of luxury goods by nationality in 2006.
Going forward, Merrill Lynch see emerging countries as the main source of growth in the luxury sector, with China in particular as an attractive market due to the growing number of millionaires (currently estimated at 320,000 which is a 6.8% growth from last year) and the increasingly favourable environment supporting large luxury brands.
According to their estimates, turnover in the luxury goods market generated by the Chinese could exceed that of US customers as early as 2009, and by 2014 emerging markets could become bigger than the developed markets such as the US, Japan and Europe and represent a quarter of luxury sector sales.
Going forward, Merrill Lynch see emerging countries as the main source of growth in the luxury sector, with China in particular as an attractive market due to the growing number of millionaires (currently estimated at 320,000 which is a 6.8% growth from last year) and the increasingly favourable environment supporting large luxury brands.
According to their estimates, turnover in the luxury goods market generated by the Chinese could exceed that of US customers as early as 2009, and by 2014 emerging markets could become bigger than the developed markets such as the US, Japan and Europe and represent a quarter of luxury sector sales.
Ledbury Research
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