Luxury Consumption In Russia Is Expected To Shrink By 4-6% In 2014

"P > < a href=" http://sjfzxm.com/news/index_cj.as "> Italy < /a > Altagamma Association held a meeting in Milan on Tuesday to discuss the luxury consumption situation of the key market of luxury goods in Russia.

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P pointed out that Russia's total consumption of personal luxury goods in 2013 was 5 billion 800 million euros, an increase of 5% over 2012. It is the fifth largest and tenth largest market in Europe.

However, because of Russia's annual inflation expectations of 6.5%, the stagnation of GDP growth and the expected decrease in the balance of payments and the multiple factors such as the Crimea crisis, the rouble depreciation and the capital outflow reaching the maximum in recent years, the total consumption of luxury goods in 2014 is expected to shrink by 4%-6% compared with last year.

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< p > the purchasing power of Russians in the European Union countries has significantly weakened in the first five months of this year, according to data from Global Blue global blue Union, a travel rebate service group.

Among them, the UK recorded a 20.1% decline, Germany's year-on-year fall by 15.8%, while Italy and France both decreased by 12.8%.

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< p > according to the total consumption in 2013, Moscow accounted for 59% of the total in the capital and 5% in 2014.

St Petersburg accounts for 16% of the country's luxury consumption, ranking second.

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Armando Branchini, vice president of the P Altagamma foundation, believes that the vulnerability of Russia's economic structure will bring greater damage to the geopolitical crisis than it will eventually solve and will continue to affect the luxury industry for many years.

He expects Russia to turn around after the 2017 luxury tariff cut.

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< p > Italy union Vietnam held leather fashion trend seminar < /p >

< p > the seminar on leather fashion, furniture leather and automotive leather jointly held by Italy and Vietnam leather industry will be held in July 11th. The conference aims to promote the development of leather industry in Italy and Vietnam.

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< p > the event was jointly organized by the Italy chamber of Commerce in Vietnam and the Milan chamber of Commerce, and the international leather exhibition, the international shoe materials exhibition and the Italy Milan leather industry, were also involved in the preparation of the meeting.

At the same time, the meeting also received strong support from Vietnam Trade Promotion Bureau and Hu Zhiming leather and Footwear Association.

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< p > Argentina's domestic economic downturn, shoe sales slump decline, < /p >

< p > the recent economic downturn in Argentina has led to a decline in shoe sales in the country.

According to the data released by a consulting firm called IES, sales of footwear in Argentina dropped by 6.7% in the year 2014 to May, while the average Argentinean bought 3.23 pairs of shoes during the same period.

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< p > overall, the total sales volume of shoes industry in Argentina was 55 million 800 thousand pairs in the first half of May this year.

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