Luxury goods are still in demandJan 24th, 2012 | By Eleanor Ward | Category: Featured
The luxury goods market is almost as strong as it was before the recession, with Russia's wealthy leading the way.
According to recent reports from consultancy Bain & Co, the global luxury goods market grew by ten per cent to 191 billion euros between 2010 and 2011. In addition to individuals from China and the Middle East, Russian business leaders were among those to have kept the market afloat, keeping themselves in beautiful jewellery and tailored clothing.
But Russians aren't just topping up their wardrobe and enjoying holidays. The market for big ticket items such as private jets and boats is also still doing well. David Dannrether, a London-based partner at law firm Withers, told Reuters that demand for jets is as high as ever with between three and five private plane deals processed most years.
Boats are also high up on the list for those with money to enjoy. Michael Enser, head of marketing at the British Marine Federation, told the news agency: “The super-rich are still super-rich – they're just a little bit less super-rich. But there's still demand for larger and larger boats like the Sunseeker 28, which was launched at this [London Boat Show].”
While many people are struggling, big business is clearly still booming for many Russians. We're pleased to see these people are still able to enjoy their money and keep the economy moving for those who manufacture and designs these luxury items.