World Luxury Goods Market Is Expected To Remain Strong In 2013, Euromonitor Says

In 2013, the world luxury goods market is forecast to post a strong performance, with sales expected to grow 3 percent to over $317 billion from the 2012 level, according to market research firm Euromonitor International. Having grown 20 percent since 2008, the global luxury goods market is forecast to grow 34 percent by 2018. Factors driving the market include the increase in demand for luxury goods in emerging markets. Luxury spending in China is rising rapidly despite the government’s efforts to clamp down on excessive consumption, while a weaker yen is boosting demand for premium brands in Japan. Also, the emergence of the affordable luxury sub-segment in Western Europe and North America is also driving growth in those markets.