The hunger for luxury products like yachts, dresses and expensive safari’s, even in times like these, does not seem to suffer. According to research by the Boston Consulting Group (BCG) the market for luxury will grow to $1,500 billion, by estimate equal to the GDP of Spain.
That is the conclusion of a research of the Boston Consulting Group among approximately 1,000 consumers of luxury products in twelve markets.
Growth of 7%
The Boston Consulting Group says it expects the sector will averagely grow by 7% next years if a new economic crisis can be prevented. Millionaires, the ever increasing group, make up for 45% of the total demand in the luxury market. This growth is significantly less than the 12% growth seen in 2010 and 2011. In a worst-case-scenario this growth could even drop to 3%. “The next period at least the stagnating growth should be taken into account, after catching up during the past two years (following the global credit crisis), the Boston Consultancy Group ads.
The past year a $1,4 trillion was realized. Approximately $350 billion was gathered by the sale of luxury vehicles, although consumer goods made a turnover of $280 billion. The remaining $770 billion was coming from happenings like art auctions and luxury holidays.