Key trends in luxury goods market highlighted by Euromonitor report.
Market research company Euromonitor International has released its round-up of the five key trends in the luxury goods market in 2014, citing a 25% growth in sales of luxury jewellery and timepieces.
The findings can be viewed below:
1. US remains the largest luxury goods market in the world valued at US$78 billion in 2014 – luxury spending in the US is over double that of second place Japan.
2. India remains the fastest growing market in the world having increased its real market value by a real 92% in the last 5 years.
3. China drops from 3rd to 4th place in the global rankings as a result if China’s slowing economic growth and the Chinese government clampdown on extravagant consumption and luxury-gifting.
4. Designer apparel takes the lions shares of all luxury sales in 2014 but luxury accessories and luxury jewellery and timepieces were the most dynamic categories growing by a real 43% and 25% in the 5 years to 2014.
5. The outlook for the luxury goods industry is optimistic with forecast sales set to reach US$405 billion by 2019.