Bain & Company: luxury industry immune to crisis

Consumers within the worldwide luxury industry are not strongly influenced by the economic crisis. According to numbers published by the advisory firm Bain & Company the luxury market grew by 10% in the past year, thereby making 2012 the third crisis year in a row in which the turnover showed a double digit growth.

The numbers of the advisory firm are substantiated by financial numbers of this industry’s leader. As for this, different large manufacturers of luxurious products like yachts, watches (Swatch) and especially automobile brands had increased turnovers in 2012. Also luxurious fashion houses like the French Hermès performed well, last year.

Growth

The strategic advisory firm also analyzed growth numbers of different segments within the luxury industry. Especially the segment leather products (bags and accessories) grew heavily, followed by watches (14%) and shoes and jewelry (13%). The turnover in luxurious perfumes and cosmetics has also risen, even though this increase was smaller, 4% to 5% respectively. Strikingly male fashion grew harder than female fashion (10% versus 9%).

The strategic advisory firm also analyzed growth numbers of different segments within the luxury industry. Especially the segment leather products (bags and accessories) grew heavily, followed by watches (14%) and shoes and jewelry (13%). The turnover in luxurious perfumes and cosmetics has also risen, even though this increase was smaller, 4% to 5% respectively. Strikingly male fashion grew harder than female fashion (10% versus 9%).