Luxury sector resistant to recession, says report
A new report on the luxury products industry from the French economic analysis and forecasting group Eurostaf suggests that world luxury product sales will grow at 6% to 8% in 2008 compared with 10% growth in the period 2004 to 2007.
A new report on the luxury products industry from the French economic analysis and forecasting group Eurostaf suggests that world luxury product sales will grow at 6% to 8% in 2008 compared with 10% growth in the period 2004 to 2007.
While the market is structurally expanding and has solid fundamentals, Eurostaf expects a marked slowdown though this will not amount to a recession. The luxury goods sector is credited with the capacity to resist crises in the wider world such as the Iraq war, 9/11 and the slowdown in world tourism and the current climate is not judged to be as unfavourable as it was in the period 2001 to 2003. The main growth points in the years ahead are likely to be China and Russia.