“Bain & Company issued its latest edition of the Luxury Goods Worldwide Market Study, indicating that the ME was ranked as the 10th largest market globally.”
The region achieved a yearly growth of circa 10% to 15% in 2012, year during which spending on personal luxury goods reached circa US$ 30 billion. On a global level, the luxury goods market revenues has grown by 10% reaching US$ 212 billion in 2012.
A look at other regions around the world shows that sales in the luxury goods market in Asia-Pacific are projected to grow by 18% in 2012, driven by China which accounts for nearly 25% of the global consumption of luxury goods.
The Americas region is projected to post revenues’ rise of 13%. On the other hand, growth in Europe will approximately halve when compared to 2011, expected to grow by 5% this year. One interesting feature of the market is that E-commerce is continuing to grow at 25% yearly amounting to US$ 20 billion. Tourists, on the other hand, now account for 40% of the global luxury spending.
Mena Weekly Monitor – Bank Audi Research