Luxury sales back at record levels in 2011: study

[onehandle]

Source: Reuters

MILAN (Reuters) – The global market for luxury goods is expected to return to pre-crisis levels in 2011 on the back of a 10 percent growth this year, helped by booming Asia and Chinese tourists shopping in Europe, a report said on Monday. U.S. consultancy Bain & Co said in a study on the outlook for the industry published on Monday it expects sales of luxury goods to rise between 3 and 5 percent next year, with leather bags, watches and jewels driving the recovery.

snip...

"On the basis of the preliminary 2010 figures, we can confirm that positive trend," Santo Versace, who is also chairman of Italian fashion house Versace. Global sales of luxury goods are expected to grow 10 percent to 168 billion euros this year, after falling 8 percent in 2009, the worst year for the industry in more than two decades, the study said.

snip...

China remains the fastest-growing luxury market with sales expected to rise 30 percent this year, while crisis-hit Japan will start to recover only next year, the study showed. Sales in Europe, whose luxury brands account for around 75 percent of the global market, are seen up 6 percent this year, fueled by shoppers from emerging markets such as China.

The United States, where sales fell 15 percent in 2009 hit by discounts at department stores, are seen growing sales by 7 percent higher this year, or 12 percent at constant foreign exchange rates.

Read more: http://news.yahoo.com/s/nm/us_retail_luxury

[ixion]

1. Hizzah for the top 1%!

:sarcasm:

[dkf]

2. Who are apparently the Chinese...

[ixion]

4. Wealth is a nation unto itself

with the wealthy as its denizens, beholden to no other.

[SpiralHawk]

3. "Whoooopeeee. Smirk." - FatCat Republicon Overlords

"Too bad (snigger) about you little people. Smirk. Can't wait till we get rid of your food stamps. Smirk."

- FatCat Republicon Overlords

[Warpy]

5. Well, you can't expect hedge fund managers to do without

gold fixtures and $14,000 shower curtains in the guest bathroom forever. Honestly, what would people think?

[Bigmack]

6. Look on the bright side....

we're not Third World.... yet.

Seems like we're working on it pretty hard, thought.

[peacetalksforall]

7. Yep! According to plan - the Baron's plan.