China's luxury sales growth once again the world's top

October 19 News, according to foreign media reports, the United States and Asia is this year's luxury consumption unexpectedly strong rebound, China's luxury goods sales growth of 30%, the growth once again ranked first in the global region.　　China will become the world's third-largest luxury market in five years, according to Bain, a consultancy.　　According to Bain forecasts, global luxury sales will grow 10% to 168 billion euros ($ 235 billion trillion) this year, much higher than the company's April forecast of 4% growth and 2008 sales. In addition to a 30% increase in luxury sales in China, U.S. sales rose 12% per cent, while Europe rebounded more slowly, by 6%.　　Only Japan continued to shrink, with sales falling 1%. But Bain predicts sales growth will slow next year, partly due to the continued depreciation of the dollar against the euro and strong sales in 2010.　　It also predicts that 2011 sales will grow 4-5%, a more consistent with historical growth rates.　　The forecasts suggest that the luxury sector has recovered significantly after sales fell 8% last year, the worst performance in the luxury market in history. "The main drivers are China and Asia, but the real surprise is the rebound in the US market," said Claudia Dapicio, a partner at Bain in Milan. "Despite concerns about the health of the U.S. economy, the latest figures for September show that U.S. Luxury department stores are doing better than other retail sectors," he said.　　The rise in the number of affluent tourists has also boosted sales of luxury goods this year, especially from China. Shares in the largest luxury goods company rose sharply this year as sales were stronger than expected.　　The london-based Louis Vuitton Hennessy, Swiss watch maker Swatch, the peak of the two brands of Cartier and Montblanc, and the fashion and leather products group's shares have risen more than 50% in the past 12 months.　　Last week, LVMH, the world's largest luxury goods company (measured by sales), said sales rose 14% in the first 9 months of the year.　　Burberry, the British fashion group, also reported double-digit growth in sales in the latest quarter up to the end of September. Big brands are the biggest winners in demand pick-up, and they can better deal with the crisis by investing and opening new stores, Bain said. As men buy back watches, sportswear, shoes and other fashion products, sales of luxury goods for men are growing more than women's luxuries, according to Bain. (June Ping)