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Demand for luxury goods ‘starts to turn the corner’
19.10.09
The luxury goods market will grow next year for the first time since 2007 thanks to recovering demand from china and growing internet sales, according to management consultants Bain & Co.
London retailers are already enjoying something of an autumn revival with foreign tourists taking advantage of the weak pound to snap up designer brands and labels.
Bain partner Claudia D'Arpizio said sales in the £143 billion-a-year global luxury goods market were set to fall 8% this year but should stabilise and grow by 1% during 2010.
“We are seeing less discounting and markdowns and more signs of increasing consumer confidence,” she said. “Growth will be timid in 2010 but it is a movement in the right direction.”
Bulgari, Gucci and Hermes have recently reported signs of sales growth during their second-half years. Britain's Burberry reported a 6% rise in sales in its latest six-month period.
