MAPIC 2015: Worldwide sales of luxury goods are set to increase, according to Luxury Retail 2015, the latest report by CBRE, released at MAPIC today.
About 70% of all Chinese-led luxury purchases are now transacted overseas, resulting in sales increases of 13.4% in Western Europe, 18% in Eastern Europe, 26% in Africa and 5% in North America over the past two years.
Andrew Phipps, head of research and consulting, EMEA at CBRE, said: “Chinese purchasers account for 30% of the luxury spend worldwide and 70% of these purchases take place overseas, showing that the downward shift in [China’s] economy has prompted Asian consumers to rethink their purchasing habits.”
In 2015, the top European target markets for luxury brand expansion was Germany, with 46% of luxury brands establishing a new presence or increasing their current presence in the country.
France and the UK were close behind, with luxury brand expansion figures of 38% and 31%, respectively.
Phipps added: “Economically, the growth in personal affluence across the world has increased the need for global access to luxury products. More people are able to buy luxury goods, and luxury consumers are willing to shop around [including travelling abroad] for the best deals and experience.”
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