The luxury sector is rebounding better-than-expected this year thanks in large part to wealthy Americans replenishing their wardrobes after a year of self-denial and nouveau riche Chinese indulging in a worldwide spending spree, according to a new study released Monday.
Sales of designer clothes, fine leather goods, jewelry, watches and other indulgences around the globe is forecast to surge 10% to e168 billion ($236.7 billion) in 2010, recovering from a disastrous 2009 when sales declined 8% to e153 billion, Bain & Co. said in its annual review of the sector commissioned by Italy's Fondazione Altagamma association of high-end producers.
“It is really impressive how customers have rebounded in their approach to these purchases, in particular in the United States and in Europe,” said Bain partner and luxury goods expert Claudia D'Arpizio .
Sales in the US market were up by 12%, compared with 6% growth in Europe and 22% growth in Asia, Bain said.
Asian luxury sales were powered by China where sales grew by a whopping 30% and poising China to become the third largest luxury market in five years. Japan recorded a 1% contraction. But the real story in Asia are the Chinese tourists, who have extended their spending-fueled travels beyond Asia.
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