Though greatly effected by the downturn economy, the damand for luxury products seems insatiable. Recently a study released, saying that the luxury market could be poised for a one percent increase next year, with a full recovery expected in 2011-2012. In 2009, the global luxury market has an estimated worth of 153 billion euros, compared with 167 billion euros in 2008. China, predictably, has bucked the downward spirals witnessed in the three mature markets including U.S., Europe and Japan – with Bain predicting a 12 percent spike in luxury goods sales this year.
In fashion apparel, women are choosing to accessorize more to refresh their look instead of stocking their wardrobes with new clothes, going for evergreen staples over fancy party dresses, according to D’Arpizio.
Reflecting the prevailing trends against ostentatious spending, perhaps, this year’s fashion shows in New York, London, Milan and Paris had designers turning out more wearable pieces in their Spring/Summer 2010 collections on the runway.
A rising phenomenon is the performance of online sales that could rise 20 percent to 3.6 billion euros worldwide this year. Since it is much more private and easy.
It is no doubt that the luxury market is starting to emerge from the recession.
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