Retail in Asia

In Sectors

Luxury knows no bounds

The international market for luxury goods such as fine art, fast cars and expensive jewellery is worth USD1.4 trillion a year, despite generally negative perceptions of the global economy, a report shows.

The report, released by the Boston Consulting Group this week, claims luxury spending is likely to increase by 7 percent over the next year, pushed up by affluent segments of developed and emerging countries.

The research polled 1000 wealthy individuals in France, Germany, Italy, Japan, South Korea, Spain, Britain and the US, as well as the four emerging BRIC countries (Brazil, Russia, India and China).