MILAN (AP) Chinese consumers will remain the driving force for luxury goods market, according to a new study by Bain consultancy that shows they will fuel nearly half of global high-end sales by 2025.
Chinese shoppers will account for 46 percent of global luxury sales of an estimated $412 billion in just six years, the study said. Thats up from one third of all sales of luxury apparel, accessories and cosmetics last year.
Bain partner Claudia DArpizio says half of those purchases will be made in China, as price differences between countries fade and brands improve the customer experience there.
Luxury sales this year are forecast to grow 2 percent, in figures restated to exclude luxury art, design and decor. Taking into account both luxury goods and experiences, the market is expected to grow by 5 percent.
Luxury goods sales in China this year are forecast to be up 18 percent. Europe and the Americas, still the two largest markets, remain flat due to strong currencies.
