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GALLERY: High End Forum

The luxury goods market has been on an upward climb for many years. Apart from the setback caused by the 1997 Asian Financial Crisis, the industry has performed well, particularly in 2000. In that year, the world luxury goods market – which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage, handbags – was worth close to $170 billion and grew 7. 9 percent. The United States has been the largest regional market for luxury goods and is estimated to continue to be the leading personal luxury goods market in 2013, with a value of 62. 5 billion euros. The largest sector in this category was luxury drinks, including premium whisky, Champagne, Cognac. This sector was the only one that suffered a decline in value (-0. 9 percent). The watches and jewelry section showed the strongest performance, growing in value by 23. 3 percent, while the clothing and accessories section grew 11. 6 percent between 1996 and 2000, to $32. 8 billion. North America is the largest regional market for luxury goods. The largest ten markets for luxury goods account for 83 percent of overall sales, and include Japan, China, United States, Russia, Germany, Italy, France, United Kingdom, Brazil, Spain, and Switzerland.

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