ITALIAN LUXURY COMPANIES GROW IN MATURE AND EMERGING MARKETS

The new “Esportare la Dolce Vita” report by Confindustria, the confederation of Italy’s industrial companies, and Italian financial consulting firm Prometeia, reveals mature markets will continue to offer great potential for Italian companies offering what the study calls “beautiful and well-crafted” high-end products that reflect heritage, artisanship, Italian lifestyle and an emotional tie. According to the forecast, in 2022, the 31 mature markets in the world, will import high-end Italian products for a total of 70 billion euros, almost 20 percent higher than in 2016. The research is based on 17,000 Italian companies, exporting top quality products, priced 20 percent above mass ones. This sector represents 20 percent of total Italian exports worldwide. The most mature markets remain the U.S., Switzerland and Japan. According to the study, by 2022, the U.S. will have a population of 320 million people, becoming the largest market for Italian exports of high-end goods. In 2021, there will be 604 million “new rich,” 154 more compared to 2015 in the 30 new markets. Two thirds will live in the urban centers of China and India. Among the most promising emerging markets for upscale Italian luxurygoods are Algeria, Saudi Arabia, Kazakhstan, Kenya, Malaysia, Mexico, Argentina, Vietnam and South Africa.