Luxury goods market continues to grow. The worldwide luxury goods market will grow by 10% in 2012 for the third year in a row, following a +13% rise in 2010 and +11% in 2011, explained Bain & Company, the leading advisor to the global luxury goods industry, in the 11th Edition of its industry bellwether “Luxury Goods Worldwide Market Study”. Although growth in the sector slowed down in 2009, due to the economic and financial crisis (falling from €167 billion in 2008 to €153 billion in 2009), sales have continually increased since then (sales of around €173 billion in 2010 and €192 billion last year). This year they are expected to go above the €200 billion benchmark, to reach €212 billion. In a best-case scenario, market growth in personal luxury goods could even reach 12% this year to reach a figure of €215 billion. If all the different segments in the luxury goods sector are included (personal accessories, cars, wines and spirits, hotels etc.), this amount climbed to around €750 billion in 2012, an increase of 9%. The Asia-Pacific region confirms its attraction for luxury goods, and experienced the strongest with +18% forecast for this year, ahead of the US (+13%) and Japan (+8%). Europe, however, remains the leading market with estimated revenues of €75 billion and growth of 5% (as opposed to 10% in 2011), stimulated by tourists coming to buy luxury goods on the continent, mainly in Italy, France, the United Kingdom and Germany. Out of the four biggest markets, spending by tourists is increasing, especially in Italy where tourists account for 40% of the market and in France, where the share rose to 60% of the market. In the United Kingdom, the Olympic Games stimulated the sector and tourists accounted for 50% of spending in the luxury goods market in this country. Russia and Eastern Europe, particularly Poland, have been experiencing rapid growth. At an international level, China is providing the driving force for the market with regard to purchases made on home territory or abroad: half of all luxury goods purchases are made by the Chinese in Asia, almost a third in Europe and a quarter in the rest of the world. Accessories are the most successful products being purchased in this market and all categories of them have experienced growing sales. Leather goods increased by 16% (€33 billion) and shoes 13% (12 billion). These two categories accounted for 27% of luxury goods sales. Another sharply expanding trend can be witnessed in sales of online luxury goods and those being sold at reduced prices with respective rises of +25% and +30%. Overall, they accounted for €20 billion in sales, the equivalent of all luxury goods sales in Japan or 10% of the total market. In 2013, the market is expected to continue growing but this will be at a slightly lower rate. It will benefit from consumers in emerging economies, particularly the Chinese who will continue making their purchases abroad. In the medium term, growth is expected to continue at an average rate of 4-6% a year between 2013 2015, to reach €240-250 billion in 2015. (IL/transl.fl)