LONDON, UNITED KINGDOM--(Marketwire - Sept. 13, 2012) - New luxury market research from Euromonitor International indicates that despite the global volatile economic outlook, the luxury goods market continues to prove resilient.
In 2012, the global luxury market is set to grow by more than seven percent and exceed US$ 302 billion. Valued at an estimated US$77 billion in 2012, the US market for luxury goods is by far the largest globally, 2.4 times higher in value than the second-ranked luxury market Japan, with an estimated 2012 value of US$32 billion, according to Euromonitor International.
The four biggest markets - the US, Japan, Italy and France - collectively account for almost half of total luxury goods sales in value terms in 2012.
BRIC markets account for 11 percent of global luxury sales in 2012 by value, and by 2017, Euromonitor International expects their share to grow to 16 percent.
"China is the star luxury goods market with sales consistently outperforming the global market," states Fflur Roberts, global head of luxury research at Euromonitor International. "Sales of luxury goods in China tripled in value in the last five years, and by 2017, the country's luxury market is set to double in value again. By 2017, it is set to overtake France, the UK, Italy and Japan, making China the second biggest luxury market in the world after the US."
A weak spot for luxury goods has long been online retailing, with luxury consumers not only wanting the product but also the in-store experience to go with it. "Questions over whether luxury goods could be successfully sold online have largely been answered by the success of sites such as Net-A-Porter and the growth seen in online sales for department stores," said Roberts.
In 2012, online luxury accounted for six percent of global luxury goods sales in value terms. Although e-boutiques are still very much a developing market channel with eight percent in the US versus only 0.3 percent in China, Euromonitor International expects online luxury retailing to see long-term growth, as luxury brands use it to access new markets.
About Euromonitor International
Euromonitor International is the world's leading provider for global business intelligence and strategic market analysis. We have 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.
We deliver market research solutions to support strategic planning for today's increasingly international business environment. Our research offers in-depth market analysis on consumer goods and services industries worldwide, as well as economic, demographic and socio-economic data and insight on countries and consumers.
Euromonitor International is headquartered in London, with regional offices in Chicago, Singapore, Shanghai, Vilnius, Santiago, Dubai, Cape Town, Tokyo, Sydney and Bangalore, and has a network of over 800 analysts worldwide.
About Passport: Luxury Goods
Euromonitor International's Passport: Luxury Goods market research database now features wider geographic coverage, new categories and extended distribution channels, highlighting countries emerging as new luxury hotspots.