Consultancy firm MO Luxury has released the first in-depth analysis of the Australian luxury market, noting its resilience as it nears a combined market value of $1 billion.
The Evaluation of the Australian Retail Market report analysed financial statements lodged with the Australian Securities and Investments Commission.
This included statements from international fashion and accessory labels, as well as local and global fine jewellery brands.
MO Luxury executive Melinda O'Rourke said the sector showed a combined market value of $800 to $820 million, with figures indicating consistent growth since 2006.
O'Rourke claimed the global financial crisis did not affect the domestic market, which in 2008 showed a reported increase of 24 per cent and 22 per cent in 2009.
While complete figures were not available for 2010 at the time of the report, O'Rourke believes the upward trend over 2006/2009 indicates that luxury sales have remained strong.
"Even applying a relatively conservative revenue growth forecast of 11 per cent, the value of the luxury sector could easily fall in the $800 - $910 million range and is moving towards the AU$1 billion mark."
The report also contains a number of findings in sales trends, luxury goods consumption analysis, online sales, comparative analysis with other international markets and a breakdown of key consumers in the sector.
For more, pick up the August 12 edition of Ragtrader magazine.