Luxury Goods Growth Fueled by an Expanding Global Middle Class Forming an Increasingly Sophisticated Consumer Base
The middle class in 85 major economies, which together make up over 90% of total global luxury goods spending, totalled 444 million households by the end of 2011. This represents an increase of 24.2% over 2006, and is set to continue its growth. Middle class expansion is particularly robust in emerging economies on the back of rising incomes. Middle class consumers form an increasingly sophisticated consumer base with rising spending power, driving growth in many luxury goods categories.