The US, Japan and Italy are the largest luxury-goods markets of the globe, according to a research from Bain & Company. Looking at the top cities, New York leads the pack, followed by Paris and London. Bain in addition observes that international tourism is playing an increasing role in the luxury goods market, and focus should therefore be placed on nationality rather than geography of consumers. Specifically, they break down which countries are most likely to see increased spending on luxury goods, based on a number of factors, including their luxury store "footprint," their own wealth growth, and the population of "Ultra High Net Worth Individuals" (worth $30 million or more) who live in each country. Here is the list by Insidermonkey experts about the 10 countries that spend the most on luxury goods.
Perhaps the most surprising country on the list is India, in fifth place. The number of super-wealthy in India is skyrocketing, and with it, its luxury consumption is also soaring. According to the report, the value of champagne imports there rose 19% last year. So keep these trends in mind, whether you're a luxury brand looking to expand, or you're part of the ultra-wealthy yourself and curious about where to go for your next shopping spree. If you compare this list with our 10 countries that spend the most on infrastructure, you will see that they spend similar or even greater amounts on luxury goods.
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