Asia will rebound to account for more than half of the luxury goods market within a decade, driven by rapid growth in household incomes, according to the Economist Intelligence Unit.<\/p>\n
The continent, which currently accounts for around two-thirds of the market, has seen a slowdown in its luxury goods sales in recent years, which has \u201calarmed\u201d the high-end brand houses.<\/p>\n
But a new report from the EIU, Rich Pickings, said there are \u201cstrong prospects for a long-term recovery\u201d in Asia and predicts it will account for 50%-60% of luxury revenue within 10 years.<\/strong> <\/p>\n While China is expected to be the main driver, with nearly 13m households on an average income of $150,000 (\u00a396,720) or more by 2030, India will also be key, with more than 30m households on annual incomes exceeding $50,000. <\/p>\n The report forecasts that India will become a \u201ckey battleground for luxury brands as the retail market opens up to foreign investment\u201d.<\/p>\n A wealthy elite has also emerged in Indonesia on the back of the global commodities boom.<\/strong><\/p>\n Meanwhile, Malaysia and Thailand are becoming shopping destinations,<\/strong> the EIU said, with the former benefiting from low import duties on luxury goods. <\/p>\n Savvy shoppers will also dent growth, as Asian consumers start to buy more luxury goods abroad. <\/p>\n Source www.telegraph.co.uk<\/a><\/em> Asia will rebound to account for more than half of the luxury goods market within a decade, driven by rapid<\/p>\n","protected":false},"author":1,"featured_media":72448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[1],"tags":[],"class_list":["post-15957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x150.jpg","medium":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","medium_large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","1536x1536":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","2048x2048":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-highlighted-post":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-featured-post-medium":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-featured-post-small":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x90.jpg","colormag-featured-image":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-default-news":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x150.jpg","colormag-featured-image-large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-block-extra-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-small-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-medium-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg"},"magazineBlocksPostAuthor":{"name":"Admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"0","magazineBlocksPostExcerpt":"Asia 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\n<\/p>\n","protected":false},"excerpt":{"rendered":"