Russia drops out of world’s top-10 consumers of luxury

The world’s market for luxury goods will grow by 10 percent in 2011, reported on Wednesday citing research by the Bain & Co consulting company. The boost was largely fed by the Chinese appetite for luxury goods, with demand for such items up 35 percent to 12.9 billion euros. Bain & Co said that Russia’s growth in the luxury segment was slowing, with just 9 percent growth in 2010 sliding to 4 percent growth for 2011, with sales of 4.7 billion euros (of which 3.5 billion euros was in Moscow). As a result Russia slid from 10^thlargest consumer of luxury items to 11^th place worldwide, having been overtaken by Hong Kong.