Due to the resiliency of developed economies, the global market for luxury goods is expected to be valued at $374.85 billion by 2020, according to a report from Transparency Market Research.
Up from $296.15 billion in 2013, the luxury goods market has seen a 3.4 percent CAGR between 2014 and 2020. Luxury’s optimistic and healthy growth is attributed to an increase in ultra-high-net-worth individuals, volatile established markets and increasing GDP in developing regions such as China, India and others.
Developing regions are fueling the growth of the luxury goods market. [...] countries such as China, India, Thailand, Indonesia, Vietnam, South Africa and Singapore are the most promising regions for luxury goods.
— Read more at Emerging markets due to overtake Europe as luxury goods revenue leader by 2020: report at Luxury Daily.
I for one,am glad about this development.It’s cool to see Creed and Bond No.9 in a local luxury retailer,Jo Malone stores are everywhere,and I don’t have to bribe mules so much anymore when they go to Dubai or Europe(Although Kilian still remains MIA in South Africa!)The luxury market has always had a place here,judged by the amount of really really well-preserved vintage fragrances I have been able to acquire locally-pristine Mystère,sealed Iris Gris,to name a couple.Glad to see the world coming to Africa,and not just making exotic perfumes that represent “ideal landscapes” like Timbuktu and Afrika Olifant.
Yes – it’s us in the USA that still have to bribe mules 😉
Haha!So strange how the world changed!;-))