Bain & Co. released its major annual report on the global luxury goods market yesterday, and it appears there are some big shifts afoot as the market slows down.The consulting firm expects the global luxury goods market to grow by 10 per cent in 2012, to $276 billion in revenues, compared to the 11 per cent it grew the previous year.
And while greater China accounted for nearly half of all luxury spending in Asian markets, the first signs of a deceleration were evident. Bain projected that the luxury goods market in China would rise 20 per cent (in constant currencies) in 2012, compared to 30 per cent growth last year.
For the first time this year, luxury accessories made up the largest market share: sales of leather goods and shoes combined were up 14 per cent. And tourism has become a major factor in the market: tourists now account for 40 per cent of all luxury spending.
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