The luxury goods market is believed to decrease its strong performance this year, in comparison to its last year perfomance. In 2013, consumer spending results that were quite solid due to increased tourist shopping and powerful demand from countries such as Japan and the US. The tense economic setting in the Ukraine and Russia will certainly affect consumer spending this year and will decrease the consumer potential of tourists all over the world.
Of course, the luxury goods market has been predicted to experience tough times.
Worldwide sales of personal luxury goods are expected to reach an increase of up to 4.6 percent this year, compared to a 6.5 percent increase in 2013, according to the Italian luxury industry association Altagamma.
According to the study, the consumer spending on luxury goods is still like that in 2013, and the consumption of perfumes, cosmetics, watches and jewelry has increased up to 6 percent.
"We are entering a new phase for the sector, call it a new normal," said Claudia d'Arpizio, an expert in luxury consumer good spendings.
"There are unlikely to be more booms like the recent one in China soon, and mature markets can cope better with economic crisis, so growth should be more stable," has also explained d'Arpizio.
People travel more often and travel retail and online shops has been predicted to demonstrate increased profits, and new brand names stores are expect to open in 2014, thanks to the fact that rbands search for exclusivity.
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