What are the Top Luxury Brands in The World? It is a heady feeling to own something ultra expensive which does not even justify its price! The luxury market increased by 3% worldwide in 2016. The current size is of $240.47 billion. The growth rate in this field is softening due to political issues like Brexit. In the United States and Asia, the luxury market had dropped by 3% in the year 2016. The CEO of the Luxury Institute, Milton Pedraza, is of the opinion that the biggest factor that pulled down the luxury industry was China’s economic slowdown. This led to the Chinese consumers to stop spending in luxury products. China’s government cracking down on the country’s black market has made the consumers stop spending.
Many of the luxury brands are located and operated from Europe. A few terrorist epoxides have seen the traffic go low at stores and has impacted the shopping trends. It is hoped that 2017 will bring a better growth for the luxury market. Experts think that the market might increase by 4% to 6% making the market be worth more than $268 billion. Bain & Company are expecting about 30 million new customers in the luxury market by 2022. The changing factors and awareness are forcing the luxury stores and brands to sell their products at a low cost in China and Asia. Surprisingly, experts predict that most of the customers in the luxury market would be from Africa. Another trend of tourism shopping has gone down as well. In the previous year, the local purchase was more than the tourist purchase. This was the first time this happened since 2001.
The luxury market could fall more if President Trump brings his plan of putting a 20% on all imports to action. CEO of Fashionbi, Ambika Zutshi, is of the opinion that the luxury companies would have to shut down their stores and layoff the employees if the government forces them to move production to the United States. We have compiled a list of the top luxury brands in Chennai. This list is sorted according to their brand value. The brand value for these companies was obtained from Brandz and Forbes. Louis Vuitton, Gucci, and Rolex are some of the Top Luxury Brands in The World. Louis Vuitton’s brand value is over $27 billion. It is 162 years old and some of the famous ambassadors for Louis Vuitton are Bono, Angelina Jolie, Jaden Smith, and Michael Phelps. Check out the others!
