According to Italy’s Altagamma Foundation, while world luxury market growth is no longer in the double-digit territory seen between 2009 and 2012, it is still healthy.
Altagamma’s May 2014 update confirmed that the 2013 trend in global luxury consumption is continuing into 2014. The 16 international analysts consulted by Altagamma for its May update concluded that the global luxury market will grow by around 6% in 2014.
Armando Branchini, Vice Chairman of Altagamma stated, “we expect a growth rate of +9% in Japan, +8% in the Middle East, +7% in Asia, +6% in the Americas and +4% in Europe, while for the Rest of the World we forecast growth of +7%. Accessories, Jewellery and Watches are expected to be the best performing categories (+6%), followed by Clothing (+5%). Finally, the Altagamma Consensus predicts that the average EBITDA of businesses in 2014 could grow by 7 percentage points compared with 2013″.
As you may well have noted from the figures, Altagamma expects demand for luxury products to be healthier than average in Japan, the Middle East and Asia. Note too the categories Branchini highlighted: Accessories, Jewellery and Watches.
While Italy is well known for its luxury accessories and jewellery, it is not so well known for luxury watch production though makers of bespoke watches do exist in Italy. To obtain more information on this subject, contact my staff or myself. We can also help your business find little known, though highly, expert makers of accessories and jewellery in Italy. These makers are often more than happy to produce exclusive lines for clients.
In addition to accessories, jewellery and watches, Italy has a world wide reputation for the quality and style of its apparel. Yes, there are Italy’s big brands such Armani, and Dolce and Gabbana, but there are also many smaller not so well known fashion houses which can supply luxury retailers with high quality Italian-made clothing. Some of these makers can produce bespoke clothes for demanding customers, whereas others can create whole lines of luxury clothing tailored to the requirements specific markets.
Even if growth has slowed, the global luxury market is still exceedingly healthy and now is a very good time to identify products which will appeal to your business’s customers.
If you need any assistance finding suitable suppliers in Italy, contact myself, Salvo Spagna, or my team and we can point you in a profitable direction.