The China Leather Industry Association (CLIA) cites a new report from consultancy Bain & Company that predicts the luxury goods market will grow 6-8% in 2018.
If such growth is confirmed, the value of the market for luxury goods can range from 276 billion euros to 281 billion euros. The same source suggests that by 2025, it could reach 390 billion euros.
Drivers for the growth of the industry will be Chinese consumers, the researchers believe. - Now Chinese consumers are well-versed in the fashion world and are more advanced users of digital technologies than ever.
The report also presents an analysis of the development of the luxury goods market in 2018 by region, according to which the market growth of 3-5% is expected in the Americas, the market will grow slightly more slowly in Europe - 2-4%. The largest growth is expected in mainland China and will be 20-22%.
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