New statistics from the country’s finance ministry reveal that the luxury goods market in Thailand is proving increasingly robust, suggesting the country is succeeding in its aim to offer an attractive option for tourist consumers.
According to market consultants, Bain & Co, China’s luxury goods market has slowed from 7% growth in 2012 to around 2% in 2013, with expectations of similar figures in 2014.
Cosmetics and fragrance are the segments of the luxury market that are seeing the biggest growth and are a key focus in Europe according to top industry executives.
In an industry renowned for its luxury image, there are signs that manufacturers’ attention is turning to the sustainable development of cosmetics packaging, although there is a long way to go.
China has recently overtaken the US as the second largest market for luxury goods and growth is not expected to slow, making it a crucial target for high-end cosmetic players.
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