Rieker
The market for luxury goods will fall by 18%
16.10.2014 3805

The market for luxury goods will fall by 18%

Russians are sharply reducing consumption of luxury goods: according to forecasts by Bain & Co, the market for expensive goods this year will fall by 18% to 4,6 billion euros - more than during the crisis of 2008-2009, when the fall was only 5%.

Bain & Company cites the devaluation of the ruble, the Crimean crisis, which caused the deterioration of the economy, combined with a decrease in consumer confidence, as the reasons for such a sharp and strong decline in sales in the Russian luxury segment in 2014. Disappointment with the Sochi Olympic Games is also cited as one of the reasons.

Wholesale customers have reduced access to credit resources, and a drop in sales leads to a lack of liquidity, which, in turn, worsens their prospects for fulfilling obligations to counterparties. Bain & Company expects Russian luxury wholesalers to cut their spring / summer 2015 budgets by up to 30% due to falling sales and continuing ruble devaluation. The overall low level of consumer confidence is due to uncertainty about the future.

Russians are sharply reducing the consumption of luxury goods: according to Bain & Co forecasts, the market for expensive goods this year will fall by 18% to 4,6 billion euros - more than in ...
5
1
Rating

Latest News

Detsky Mir expands its presence in the Urals

New stores of the Detsky Mir chain have opened in Chelyabinsk and Yekaterinburg. The tenth in a row in Chelyabinsk and the ninth in Yekaterinburg. Both new stores occupy 1000 sq. M. ...
22.04.2021 35

Turkish Eksposhoes will be held in June

The Turkish exhibition of shoes and leather accessories Eksposhoes will again be held in Antalya from 2 to 4 June 2021 and is glad to host buyers from ...
21.04.2021 31

Tod's Group has appointed Chiara Ferragni to the Board of Directors

The appointment of Chiara Ferragni, an Italian model and influential fashion blogger, to the board of directors of the Italian fashion group Tod's, was an important step for the famous brand of the same name, moccasins, as well as chic Roger Vivier shoes to conquer ...
21.04.2021 41

Expo Riva Schuh announced the dates of the summer exhibitions

The 95th Expo Riva Schuh and the 6th Gardabags, dedicated to the 2022 spring / summer collections, will be held at the Riva del Garda exhibition center from 18 to 20 July, a month later than ...
21.04.2021 175

Reseller sites LUXXY, themarket and commission WantHerDress announce merger

The Russian clothing and footwear reselling marketplace LUXXY has acquired an online site for the resale of themarket items, as well as the WantHerDress commission store with wardrobes of stars and ...
21.04.2021 151
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning