2015全球奢侈品市场监控（英文版）.pptxVIP

Worldwide Luxury Markets Monitor2015 Spring UpdateClaudia DArpizioMilan, May 21st 2015This information is confidential and was prepared by Bain Company solely for the use of our client; it is not to be relied on by any 3rd party without Bains prior written consentGlobal luxury hit €224B in 2014 despite slowdown in realterms, over €3T cumulated retail sales in the last 20 years GLOBAL PERSONAL LUXURY GOODS MARKET TREND (1994-2014E|€B)Socio-Economic Turbulence Subprime financial crisisSept 11 SARS $/€@K 3% 4% 7%10% 5% 22014 growth in line with 2013 also thanks to Euro weaknessin H2 GLOBAL PERSONAL LUXURY GOODS MARKET TREND (2013-2014E|€B)+3%+3%Note: currency exchange rates indexed: Q4 2014 average=1003Positive performance of mature markets and Middle East,heterogeneous trends in Asia WHERE GLOBAL PERSONAL LUXURY GOODS MARKET BY AREA (13-14E|€B)YoY ‘14E vs. ‘13 @K +3%+4% +4%+5%Overall good performance; Middle East slowdown in H2 driven by Russian spending decline and oil price drop impacting locals trendRest of World Mixed performance: stagnation in Greater China offset by brisk growth in South Korea Record growth in real terms; VATincrease softening local spending in H2Asia-Pacific Japan Americas+2%+1%+4%+3%+9%+4%Sound local and touristic consumption; currency effect offsetting H2 slight slowdown+2%Europe+2% Weakening euro driving H2 betterperformance thanks to touristic flows 4Accessories confirming market leadership in absolute andrelative terms WHAT GLOBAL PERSONAL LUXURY GOODS MARKET BY CATEGORY (13-14E|€B) YoY ‘14E vs. ‘13 US and emerging markets the main growth drivers; cosmetics (both skincare and make-up) outperforming fragrances Watches sales rather stable at global level, with H2 Euro devaluation vs. Swiss Franc partially offsetting worsening situation in Asia; Jewelry outperforming on solid fundamentalsHigh dynamism of womenswear while mixed trends in menswear, hit by negative impact of Mainland China Shoes confirmed top performing category; ongoing polari