The Italian association of luxury brands, Altagamma, presented yesterday in Milan, during its annual Osservatorio event, 5 studies which highlight a growth trend of luxury for 2012, driven by leather goods, shoes, accessories, jewelry & watches, and by the Asian markets. The studies also revealed a positive outlook for luxury in 2013. During the event, Altagamma also presented good results of tax-free shopping in the European Union in 2012.
According to Altagamma’s research, all luxury sectors are forecasted to grow in 2013, the estimates for full year are: 6% apparel; 8% jewellery, watches, pens; 10% leather, shoes, accessories; 4% fragrances and cosmetics. Geographically, the full year 2013 growth for the luxury industry are: 4% Europe; 6% North America; 10% Latin America; 2% Japan; 17% Asia; 9% Middle East. Competition which is estimated to increase will drive margins to grow by 7% versus 2012.
Global Blue and Fondazione Altagamma estimate Tax Free Shopping in Europe is worth 30 billion EUR and will close 2012 with a 28% growth, while an additional 18% increase is expected by 2013. The Italian market ranks second in Europe, development is limited in the UK, despite this year’s major events. The tax free shopping boom is driven by Chinese buyers, for the first time ranked, in 2012, as the top spending nationals. Chinese shopping of tax free in Europe accounted for 23% of the total sales in the first nine months of the year, 62% up vs. the January-September 2011 period. Hong Kong, Taiwan and Japan account for 34% of all total Tax Free sales and notably, this year, Thailand makes it to Top Ten of foreigners shopping in Europe.
Tax Free Shopping in Italy worth over 5 billion EUR, recorded an excellent performance in the first nine months of 2012, with a growth close to 32% and a 19% share of the European market. The country is now the second favourite shopping destination of non-EU tourists. Tax Free shopping is still dominated by the Russians and Chinese, worth respectively 7% and 18% of the total. They are followed by the Japanese that, despite much lower spending (a mere 7% of the total), have resumed a significant growth (+51%), which justifies expectations about a solid recovery after the recent downturn.
More from NEWS
Kering reports a record 27.1 percent growth in first quarter group revenues, as Gucci led the way with an almost …
French fashion label Balenciaga has recently opened its latest location in the United States with a flagship store in Miami’s …