Santo Versace, Chairman Altagamma
11 May. 2012
LUXURY GOODS SEE POSITIVE RESULTS2012 promises to be a positive year for the luxury sector, according to the spring edition of the Altagamma Observatory held in Milan on May 8. As consumption in 2011 registered a 10% growth compared with the €191 billion reached in 2010, forecasts are also optimistic for 2012 with an expected 6-7% growth reaching upwards of €200 billion despite the unstable socio-economic situation. Representing the Altagamma enterprises was Bain&Co. partner Claudia D’Arpizio and Consensus Altagamma, devised by the general secretary Fondazione Altagamma Armando Branchini with the contribution of major specialized international analysts.
Markets from all over the world with the exception of Italy, Spain and Japan are expected to register overall growth. The rest of Europe shows very good conditions thanks to tourist fluxes and the increased importance of Eastern European markets and the US. China continues to drive the growth with +18-22% sales compared with 2011. India also shows a +20% growth, driven especially by an increased series of store openings. Emerging markets such as Southern Africa, Central Asia and South Eastern minor markets (led by Indonesia) also show interesting performances.
Accessories remain the best selling products in both Hard Luxury goods like jewels and watches as well as leathers and footwear. For the mid-period the market is expected to grow about 7-9% yearly until €235-240 billion is reached in 2014. Consensus Altagamma confirmed forecasts registered for 2011 with an (EBITDA) approximate 10% growth involving mostly Asia, the Americas and the Middle East.
Santo Versace, president of Fondazione Altagamma, commented: “Italian enterprises play a protagonist's role and can impose themselves thanks to their top quality products and innovative and winning business models. The most important aim for Italy is to support the growth of their export products with a correspondent increase in internal consumption.”
“The luxury goods market is facing a healthy situation," added D'Arpizio, who is also the author of the Monitor Altagamma. “China's and other emerging markets' richness is leading the strong market growth that will go beyond a record €200 billion. After the democratization of the 1990s and the establishment of luxury during the 2000s, we are now facing a polarization of consumption in which the winning segment is again luxury."
Maria Cristina Pavarini
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