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Luxury Industry Poised For 2011 Recovery
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Luxury Industry Poised For 2011 Recovery

Alex Carter

We agree, Luxury has just hit the pause button. Here’s the report from Forbes.

Conspicuous consumption isn’t dead, it’s just on hiatus. That’s according to global consulting firm Bain & Company’s Luxury Market Update: 2012, which will be released tomorrow. The report, authored by Claudia D’Arpizio, a partner based in the firm’s Milan office, is a study of 220 luxury brands, which includes leather goods, fashion, jewelry, alcohol and cosmetics companies that serve high net worth customers, or those with assets of $1 million or above. The global luxury industry–which has seen steady growth for the last 15 years–contracted by 10% in the first two quarters of 2009 to 153 billion euros (or $215 billion), compared with 170 billion euros ($238 billion) in the first two quarters of 2008. However, D’Arpizio says this decrease does not reflect a permanent change in the spending habits of the luxury consumer. Spending is expected to pick up again in 2011, with a full recovery in 2012. – from Forbes



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