The Business Times Singapore
In 2017, total revenue in the sector that includes watches, jewellery, clothes, shoes and leather goods will rise to 254 billion-259 billion euros (S$392.89 billion-S$400.62 billion) from 249 billion euros in 2016, the study by consultancy group Bain & Co and Italian luxury industry association Altagamma showed. In October, Bain had forecast 2017 growth of 1-2 per cent for the luxury sector, but the industry managed to grow 4 per cent year-on-year in the first quarter of 2017. "After a difficult 2016, the first quarter of 2017 brought some relief to the luxury industry. The continuous repatriation of Chinese consumption as well as a positive outlook in Europe both for locals and tourists will help drive overall market growth during the remainder of the year," said Claudia D'Arpizio, Bain partner and lead author of the study. Bain partner Federica Levato, another of the authors of the report, told Reuters: "It's a healthier growth than before. So we have revised our market forecast for this year. Some players who are doing well are really outperforming"