Luxury consumers to spend $1.53 trillion a year by 2020: Study
MILAN (REUTERS) - Luxury goods consumers around the world will spend 880 billion euros ($1.53 trillion) on personal items and experiences like holidays a year in 2020, 20 per cent more than is spent on such goods today, a study said on Tuesday.
There are currently 380 million luxury goods consumers and this number is set to rise to 440 million in 2020, according to a study conducted by Italian luxury goods association Altagamma and consultancy Boston Consulting Group.
The study found two-thirds of the growth in the luxury market over the next decade will be organic as sales volumes generated in the same stores rise year-on-year.
The biggest proportion of luxury shoppers - dubbed "core" consumers by Altagamma and Bain - spend on average 10,000 euros a year on luxury goods excluding cars and make up 40 per cent of the market.