The expanding middle class income group coupled with the urge of consumers for premium class products are the key drivers for the market growth of hard luxury goods
in ASEAN region.
In addition, it has banned advertising of luxury goods
But Deloitte's annual report entitled "Global Powers of Luxury Goods
2016 -- Disciplined Innovations" expected slower growth in other markets around the world.
Discipline by design: luxury's new normal - The luxury goods
sector has now passed the mid-point of the 'decade of change.
We are on the verge of entering into the second half of a decade of change for the luxury goods
sector with an expectation of remarkable changes by 2020.
While the per capita expenditure on luxury goods
in Europe has shown considerable decline, consumers in North America continue to spend money on absolute luxury goods
Despite counterfeiting being a widespread phenomenon, very few researchers have examined consumer behavior regarding counterfeit luxury goods
(Hieke, 2010; Wilcox et al.
3 billion in luxury goods
sales, according to Deloitte's first Global Powers of Luxury Goods
It found that 68 per cent of Bahrain respondents spent more than 10 per cent of their monthly salary on luxury goods
- with 36pc spending $500 to $1,000 a month.
European brands make up 70% of the global luxury goods
In reality, sales of luxury goods
are holding steady in developed countries because most affluent shoppers have retained their buying power," said Standard & Poor's credit analyst Nicolas Baudouin.
The bank said that taxes on luxury goods
could be increased in order to stabilise the prices of essential goods and services.