Mainland fuels luxury industry growth 
2019-12-19
The Chinese mainland has been a growth driver for the luxury industry this year with a market size estimated to rise 26 percent to 30 billion euros (US$33.2 billion), thanks to government policies and lower price differentials, according to a study by Bain & Company and Fondazione Altagamma, the Italian luxury goods manufacturers’ industry foundation.
Globally, the personal luxury goods segment is expected to see spending grow 4 percent to an estimated 281 billion euros by the end of the year. It’s estimated the sector will enjoy a 3 to 5 percent compound annual growth rate until 2025 with a total value between 335 and 375 billion euros. 
Chinese customers’ spending both home and abroad account for 35 percent of the total value of luxury goods and, as they turn their sights to other Asian destinations, they are boosting the performance of these markets. 
Japan’s luxury market grew by 4 percent to 24 billion euros while the rest of Asia grew by 6 percent with total size of 42 billion euros. The European market experienced slow growth of 1 percent.
