Despite the economic downturn of the past few years, sales of luxury goods remain strong. The trend bodes well for iconic brands such as Tag Heuer, Jimmy Choo, and Alexander McQueen, a few of the labels that posted robust sales in 2010 and 2011. Now more than ever, manufacturers of luxury goods are looking toward India and China as particularly profitable markets due to the rising number of affluent households in these countries.
A January 2012 article published online by The Economic Times referenced a particularly telling report released by AT Kearney and CII. According to this study, robust spending on luxury non-essentials is growing by 20 percent annually and is expected to reach nearly $15 billion by 2015. Likewise, a Business Insider piece released in October 2011 pointed out that Asia accounted for approximately half of all international luxury sales last year, as “the Chinese probably spend more on luxury than Americans and Europeans combined.” Regardless of which market industry watchers choose to focus on, the fact remains that items of unsurpassed quality produced and distributed on a fairly limited basis will always hold great appeal for a number of retail consumers.
About the Author:
Possessing extensive experience as a fashion industry executive and brand strategist, Patrick Guadagno has applied his knowledge and skills to facilitate the success of numerous leading global brands, including Versace, Calvin Klein, and Giorgio Armani.