Retail in Asia

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Luxury goods sales surge forecast

The global luxury-goods market will grow 10 percent annually over the next three years, thanks mainly to demand in emerging markets, according to estimates by CLSA Asia-Pacific Markets.

The luxury market grew by a robust 14 percent last year to a record GBP197 billion (USD317.94b), CLSA data shows.

"Mainland Chinese contribute about 33 percent of the sales of some of the brands, which include Gucci and Prada," Aaron Fischer, head of consumer and gaming research at CLSA Asia-Pacific Markets, said.

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(Source: scmp.com)