2014 The Global Luxury Market Has Increased By Only 2%.

According to Bain & Company Bain consulting and Fondazione Altagamma Italy Luxury goods The Industry Association yesterday jointly released the latest Worldwide Luxury Markets Monitor (global luxury market monitoring) report. In 2014, global luxury consumption will only grow by 5%, and it is expected to increase to 223 billion euros, or about 282 billion US dollars, excluding the exchange rate factor, the growth rate is only 2%, the lowest since 2009.

In 2013, the consumption of luxury goods increased by 7% over the past year, and the rate of increase was 3% after excluding exchange rate factors.

The recent financial data of the luxury group confirms the whole industry. Sluggish 。 British luxury goods group Burberry Group PLC (BRBY.L) Boboli released its first half performance yesterday: in the first half of September 30, 2014, Burberry PLC boboley's revenue rose 7%, from 1 billion 31 million pounds in the same period last year to 1 billion 100 million pounds, although it increased by 14% on a comparable basis, but the ring showed signs of slowing down. The group also warned that due to prudent travel channels, the second half of the year's revenue will fall to a low median figure, and profit margins will have downward pressure. Another luxury brand in the country, Mulberry Group PLC (LON:MUL), Mai Baorui again issued a profit warning. In the first half of the fiscal year, only 4% of the world's largest luxury goods group, LVMH Mo t Hennessy Louis Vuitton SA (MC.PA), MOET & CHANDON, Hennessy LV, announced its three quarter earnings after closing last night's European stock market.

The Crimea crisis, the record breaking cold spell in North America, the two air crash in Malaysia Airlines, the Japanese consumer tax increase, Hongkong's "occupy" campaign and the consumer confidence in Europe have suppressed the growth of luxury goods industry last year. Although the political situation in Hongkong has made Chinese tourists bypass, the sanctions imposed by the West have reduced Russians' expenditure, but tourism consumption is still the main engine of growth, while e-commerce is the fastest growing sales channel, with an increase of 28% in 2014.

Chinese luxury goods purchasing power The total consumption in the world in the first eight months increased by 10% over the same period last year, which has slowed down sharply compared with the same period last year and has been polarized. But this year, luxury goods sales in mainland China will decline for the first time, falling 1%, excluding exchange rate factors, by 2%, subject to official persistent attacks on luxury corruption, worries about the bursting of the real estate bubble and the progress of consumer shopping methods. The Americas and the Middle East respectively have led the global luxury market by 3% growth. Europe and Japan have increased by 2% respectively, while the Asia Pacific region will grow by only 1%.

Claudia D 'Arpizio, partner of Bain & Company Bain consulting company, expects Hongkong to recover in the fourth quarter, and the impact of Russia's situation on demand will continue until 2015. In the long run, China's market is expected to rise.

Accessories, which account for 29% of the luxury goods industry, are the driving force for the growth of the global luxury industry. This year recorded a 4% growth, of which shoe sales growth was the first time higher than that of leather goods since 2007, and sales of hard luxury goods slowed sharply due to the shrinking of watches in the Asia Pacific region. In addition, the price of handbags this year is higher than 60%-130% in 2008, resulting in the flourishing of the secondary market.

The report predicts that by 2017, the global luxury market will be sold at 2500-2650 billion euros.