The number of luxury goods buyers reached 330 million last year and is set to rise to 400 million in 2020 and 500 million by 2030 as more people become wealthy in Asia, Latin America and Eastern Europe, a study has found.
The Bain & Co. report, in collaboration with broker Redburn Partners and research agency Millward Brown, forecast that the luxury consumer base would grow by an average 10 million people a year.
The study calculated the number of luxury goods buyers using statistics on personal wealth, demography, urbanization, education and attitudes toward discretionary spending.
The report, published on Tuesday, said that until recently, one factor explaining the widening luxury consumer base was luxury brands' efforts to offer more products at lower prices.
The average price of a piece of branded jewelry fell to 1,500-2,000 euros ($2,000-$2,700) in 2013 from 8,000-9,000 euros in 1995, for example, when there was a luxury consumer base of 90 million people, the study found.