Luxury growth amid hard times

摘要

The luxury market for all products and services in Spain is valued at €2.7 billion, according to Euromonitor International. From that about 18% is spent on designer clothing and footwear. Although the economic crisis has hit Spain hard, and its recovery has thus far been weak, it is predicted that spending on luxury fashion will increase by a little more than 1% next year, making clothing and footwear the second most popular luxury item for the Spanish consumer, after luxury jewellery and timepieces. However, according to Lucia Cordeiro, the fact that 5 million people - a staggering 21.7% - are now without jobs is creating fear, and she says that she has noticed a chance in consumption because of the crisis.