Growth in Australia luxury sales
26 June 2015 by News Desk
Demand for luxury products in Australia is increasing and tourists account for 30% of all high-value sales.
A rise in travellers and holiday-makers in Australia is driving an increase in sales of luxury goods and high-fashion brands at designer stores where a typical handbag can cost over $2,000.
The number of Chinese tourists travelling to Australia rose by 18% to 840,000 in 2014 and they spent $5.7bn. The number of tourists from Malaysia and India increased by 17% to 290,000 and 185,000 respectively. Across the country, tourists account for 30% of the growth in luxury sales, according to Tourism Australia.
Sales in the Luxury Retailing sector are set to grow 8.5% every year and by 2019 are expected to total $2.4 billion, according to an IBISWorld’s Luxury Retailing in Australia report.
