The prestige goods market including prestige alcohol, personal care and luxury goods looks set to grow to sales of 25bn euros by 2006 as the “rich get richer”.
"Growth in the number of wealthy consumers has the potential to fuel a boom in the prestige consumer goods industry," Datamonitor said in its new report - Prestige Consumers.
Datamonitor said prestige drinks sales will grow 6.5% per year between now and 2006 to reach a value of just under 4bn euros while it predicted prestige personal care products to be worth 15bn euros by the same time, having grown at the slower rate of 3.9% per year.
The way for manufacturers and retailers to harness this potential is to adapt their products and retail environment to match consumers’ perceptions of prestige and to meet the needs of consumers attempt to fill through prestige purchasing Datamonitor said.
In 2001, there were 22 million western Europeans with over 50,000 euros in disposable assets - a figure which according to Datamonitor is set to rise to 27 million by 2006.
"Growth in the number of wealthy consumers has the potential to fuel a boom in the prestige consumer goods industry," Datamonitor said in its new report - Prestige Consumers.
Datamonitor said prestige drinks sales will grow 6.5% per year between now and 2006 to reach a value of just under 4bn euros while it predicted prestige personal care products to be worth 15bn euros by the same time, having grown at the slower rate of 3.9% per year.
The way for manufacturers and retailers to harness this potential is to adapt their products and retail environment to match consumers’ perceptions of prestige and to meet the needs of consumers attempt to fill through prestige purchasing Datamonitor said.
In 2001, there were 22 million western Europeans with over 50,000 euros in disposable assets - a figure which according to Datamonitor is set to rise to 27 million by 2006.
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