You may have suspected, but now it’s a fact! The luxury market is growing worldwide. The famous luxury real estate network Christie’s International Real Estate produced a lucrative study that reflects that the luxury market is growing tendency in the world’s economy.
In 2017 for instance, sales of international luxury homes recorded the highest percentage of annual growth in three years, at 11%. The causes for this luxury housing market boost may be the growing consumer’s confidence, low-interest rates, a robust stock market and a stable global economy that boosted demand for luxury real estate. You can download the study HERE.
It’s not only in the housing market that the luxury segment is growing! The jewelry, travel, hospitality, furniture, hardware, fashion, accessories and car industries also registered a rapid and steady increase in demand and sales in 2017. It’s expected that those numbers will keep growing in 2018, especially in countries with a fast growing luxury industry.
Countries like Switzerland, the United Kingdom, Saudi Arabia, the United States of America, Japan, Qatar, the United Arab Emirates, Israel, Luxembourg and Russia lead the pack of the nations whose citizens spend the most on luxury items and services!
These countries are also the home of some of the best companies and conglomerates of the luxury industry so, in a way, they are capable of supplying internally the major demand of their powerful residents for a bigger and more expansive luxury industry.
What do you think of this growing industry? Do you think this tendency will prevail in the next years?