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Article: Russia's luxury goods market segment.
- Article from:
- Market Europe
- Article date:
- November 1, 2005
CopyrightCOPYRIGHT 2005 Media Contact Resources, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the cliched version of the segments of the Russian consumer market, the word "luxury" would appear to have no place at all. But according to a September 30, 2005 story in the International Herald Tribune (Neuilly Cedex) although some cliches may hold a bit of truth, the idea that luxury and Russia are incompatible is far from true.
Citing surprising statistics from Merrill Lynch, the Tribune says that by 2009, Russia will account for 7 percent of the world's market for luxury goods. If this forecast is met, then in 2009 Russia would be the fastest growing luxury goods market in the world.
But it would not be the biggest.
Merrill Lynch ...