The global luxury industry comprising 10 segments, led by luxury cars, luxury hospitality and personal luxury goods (that together account for 80 per cent of the total market), is expected to surpass €1 trillion in retail sales value (RSV) in 2015, reveals Bain & Company Fall Luxury Goods Worldwide Market Study.
According to the findings of the study, India will see 13 per cent growth in RSV to reach €1 billion this year, compared to mainland China's €18 billion and a-third of Singapore's RSV this year. Chinese consumers continue to make up the largest portion of luxury purchases (31 per cent) globally, followed closely by Americans (24 per cent) and Europeans (18 per cent).
The U.S. is the largest luxury market in value, reaching €79 billion; New York City alone outweighed all of Japan. Globally, wholesale continues to be the dominant selling channel within the personal luxury goods market, capturing 66 per cent share.
However, retail continues to gain share, despite a slowdown in network expansion (more than 600 directly operated stores opened globally in 2015 against 750 in 2014). E-commerce grew to 7 per cent market share in 2015, nearly doubling its penetration since 2012.