MILAN — The Worldwide Luxury Markets Monitor Spring 2014 update presented by Bain & Co. and Fondazione Altagamma here on Monday confirmed a growth slowdown for the year 2013, highly impacted by exchange rate fluctuations.
Luxury goods growth showed a 6.5 percent uptick at constant exchange and a 2.2 percent rise at current exchange to 217 billion euros, or $288.2 billion at average exchange, in 2013.
The first quarter of 2014 is in line with that of full-year 2013, showing a 6 percent gain at constant exchange and 2 percent to 3 percent growth at current exchange. This year’s market outlook is positive, with a trend in line with 2013, and full-year 2014’s expected growth rate is between 4 and 6 percent at constant exchange.
“We are entering a new phase that I would call new normal,” said Claudia D’Arpizio, a partner at Bain & Co., noting that she expected growth between 4 and 6 percent at constant exchange over the next few years — “a more stable and healthy growth trend.”