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Luxury brands on the rise in emerging cities

7 Oct 2015

New research from WealthInsight looks at the market growth potential of 10 emerging cities - Shanghai, Mumbai, Mexico City, Istanbul, Bangkok, Tel Aviv, Jakarta, Kuala Lumpur, Ho Chi Minh City and Lagos - for luxury brand expansion. As the global economy continues to shift towards emerging markets in the next decades, growth of the luxury industry in these cities is expected to be buoyant.

Key highlights:

  • The luxury market size of the 10 studied cities is estimated at US$29.41 billion in 2014, and is expected to reach US$62.6 billion in 2019
  • Istanbul, Mumbai and Mexico City are the top three emerging cities to target for luxury brands
  • Cities with smaller luxury markets such as Lagos, Kuala Lumpur and Ho Chi Minh City are expected to grow significantly
  • Traditional markets, notably Shanghai and Bangkok, indicate slower growth

According to Dr Roselyn Lekdee, Economist at WealthInsight: "It is evident that luxury goods are on the rise in emerging cities. This is a strong message for luxury brands to carefully formulate their expansion, client and marketing strategy to capture local demand, if they want to remain competitive."

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