While all the hoopla centers on the new and emerging markets in the luxury industry, where is the action really occurring? Which one is the hottest hotbed hub of it all?
Well, after all the analysts crunch the numbers, double-check their findings, and then review it one more time, the biggest and brightest star of all for high-end luxury sales is still the USA, according to a report by CNBC.
The BRIC, also known as, Brazil, Russia, India, and China, are emerging and showing potential, but remain secondary in significance. North America was listed as the most important market for growth over the next five years.
American Express’ Departures magazine and Ledbury Research produced the data that revealed these findings, surveying a group of top CEOs of the industry. East Asia, Western Europe, Eastern Europe, Central America and South America came in second to sixth place, respectively.
…. Fully 89 percent expected North America to be the most important contributor to growth.
"The U.S. is really the focus for many of these CEOs," said Steven DeLuca, senior vice president and publisher of Departures, part of American Express Publishing. "I think they're putting less emphasis on China than they might have been in the past."