China’s luxury binge

China’s luxury binge

Shoppers in Asia, especially China, have kept the global luxury brands market alive, according to a study by Bain and Co.

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Although sales will shrink 8% in 2009 to €153 billion (around Rs10.7 trillion), that decline is lower than expected, thanks to China’s buoyant 12% year-on-year sales growth and the 20% increase in the online business, says Bain’s Luxury Goods Worldwide Market report.

The luxury sector will not fully recover before 2011, when it is expected to grow by 4.2%, said Bain’s Claudia D’Arpizio.

“Growth will be timid in 2010 but it’s showing movement in the right direction," she said. We present the key findings of the study.

Also See Shrinking Sales (Graphics)

Graphics by Ahmed Raza Khan / Mint and Yogesh Kumar / Mint