×
75 264
Fashion Jobs
DECKERS
Sales Operations Coordinator - Emerging Brands
Permanent · GOLETA
DECKERS
fp&a Reporting And Analytics Manager
Permanent · GOLETA
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Chandler Fashion
Permanent · Chandler
ABERCROMBIE KIDS STORES
Abercrombie Kids - Brand Representative, Oakbrook
Permanent · Oak Brook
NEWELL
Global Business Services Manager, Data Analytics & Insights
Permanent · ATLANTA
NEWELL
Outbound Operations Manager
Permanent · VICTORVILLE
BLOOMINGDALE'S
Assistant General Manager
Permanent · NEWTON
ESTÉE LAUDER
Hiring Event Material Handlers & Order Handlers
Permanent · Bristol
ESTÉE LAUDER
Tpm Planner
Permanent · Bristol
NEW BALANCE
Loss Prevention Officer ii (All Shifts Open)
Permanent · Lebanon
NEW BALANCE
Loss Prevention Officer ii (All Shifts Open)
Permanent · Lebanon
UNDER ARMOUR
Stock Lead, ft (5am to 2pm Tuesday Through Saturday)
Permanent · ALBERTVILLE
THE REALREAL
Sales Account Manager (Account Luxury Manager)
Permanent · Berkeley
THE REALREAL
Sales Account Manager (Account Luxury Manager)
Permanent · Emeryville
THE REALREAL
Sales Account Manager (Account Luxury Manager)
Permanent · Hayward
KOHLS
Full-Time Stockroom Operations Supervisor
Permanent · Saratoga Springs
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Berlin
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Strongsville
KOHLS
Full-Time Stockroom Operations Supervisor
Permanent · Georgetown
KOHLS
Full-Time Stockroom Operations Lead
Permanent · Columbia
KOHLS
Part-Time Stockroom Operations Associate (Early Morning)
Permanent · Forsyth
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Carmel
By
Reuters
Published
May 20, 2014
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Luxury goods market growth to slow in 2014

By
Reuters
Published
May 20, 2014

MILAN, Italy - Sales of luxury goods are expected to grow more slowly in 2014 compared with last year as weakness in China, Russia and Europe counters rising global tourist shopping and strong demand in Japan and the United States, a study said on Monday.

Bottega Veneta, spring/summer 2014


Worldwide sales of personal luxury goods are set to rise 4-6 percent this year at constant exchange rates compared with a 6.5 percent increase in 2013, Bain & Co said in the study presented with Italian luxury industry association Altagamma.

So far this year the market is performing in line with 2013, the study said, with worldwide sales of luxury clothing, watches, perfumes, cosmetics, jewellery and accessories such as belts, ties and shoes up 6 percent at constant exchange rates.

"We are entering a new phase for the sector, call it a new normal," said Claudia d'Arpizio, partner at the consultancy whose forecasts are closely watched by the industry.

"There are unlikely to be more booms like the recent one in China soon, and mature markets can cope better with economic crisis, so growth should be more stable," said d'Arpizio.

Currency volatility wiped 3-4 percent off the value of the market in the first quarter, the study said, as the euro - in which many of the world's luxury companies report earnings - appreciated against the U.S. dollar, renminbi, and the yen.

While travel retail, outlet stores and online shops are expected to perform well as people travel more and search for bargains, new shop openings are expected to slow in 2014 as brands seek to maintain exclusivity.

Japan will be the main growth driver in 2014, with luxury sales rising 9-11 percent to 19-20 billion euros, as both Japanese shoppers and Chinese tourists take advantage of the weaker yen, but this could be affected by brands hiking prices.

The Russian market is showing signs of a potential structural crisis as political turbulence worsens an already deteriorating economic outlook, the study said, forecasting a 4-6 percent drop in luxury sales there this year.

Russians, traditionally the most important nationality among foreign luxury shoppers in Italy, are travelling less to Europe due both to the political crisis and a weakening ruble.

While Chinese people will make more than 30 percent of global luxury purchases this year, d'Arpizio said, the local market will grow just 2-4 percent, down from 20 percent in 2012, as higher prices at home and a crackdown on conspicuous consumption drive shopping abroad.

Increasing consumer confidence and tourism will support 4-6 percent growth in the United States. D'Arpizio said this was likely to be "closer to 6 percent than 4 percent".

Chinese and Middle Eastern tourists will make up for weak demand in much of Europe, where Germany is one of the few markets where local consumption is rising, d'Arpizio said.

In a separate report also presented on Monday, Altagamma forecast growth of around 6 percent at constant exchange rates for the sector in 2014, with better results in the second half.

© Thomson Reuters 2023 All rights reserved.