Luxury goods sales "on the rise" in South Africa

For the next five years, South Africa luxury market is expected to grow 20% -30%, international consulting firm Bain & Company said this week, an indication of the strong demand for high-end trappings in most largest economy in Africa . Prada Top Handles Bags Prediction supports recent statements Jeanine van Zyl, director of equity research at Old Mutual Retail Equities, which means that people who have jobs have managed to climb the ladder by the wealth of several major trends, says as wage increases above inflation and higher income jobs. By Paris-based Luxury Bathroom Study market in the world, the total sales of luxury goods in South Africa is expected to reach € 8 million this year. Interestingly enough, the Bain report, which was prepared in cooperation with the Italian luxury goods association Altagamma that tourists now account for 40% of global luxury spending. Earlier this year, Euro Monitor International, said a series of recent discoveries of oil and gas in Africa - and the likelihood of more to come - could get rich quick spawning a new generation of high net worth individuals. Outside of South Africa's rich African professionals assets have increased in other African countries such as Nigeria, Angola and Ghana also contributed to the increase in sales of luxury goods in South Africa. Conclusions Bath show global sales of luxury goods market increased by 7% in the last three months of this year, which pushed an annual growth of 10% in 2012, and total sales of luxury goods business of around € 212bn. But a mixed bag of updates to recent sales of high-end players hinted at the beginning of the end of the boom in luxury while the debt crisis in Europe and a slowdown in China finally catch the rich. This week, LVMH said the group behind brands such as Louis Vuitton, Fendi and Veuve Clicquot, organic sales growth in the third quarter by 6% -. Representing growth of 15% over the same period compared with last year According to Claudia D'Arpizio, Bain partner in Milan and lead author of the study, are concerned about the weakness of the market "a bit exaggerated". Richemont, known for its Cartier and Montblanc known brands, said sales in September rose 23% in real exchange rates and 13% at constant exchange rates increased by tourists for the five months ended 31 August. The weakening of the euro against the U.S. dollar, in particular, has had a positive effect on the sales of the Group. "Foundations for growth remain strong, but it will be a bumpy ride. Strategies to win in the sense of the past, brands are just not with the segments that connect the most in the second half of the decade role," said Ms. D' Arpizio.