The luxury goods christianlouboutin.com shop market has been on an upward climb for many years. Apart from the setback caused by the 1997 Asian Financial Crisis, the industry has performed well, particularly in 2000. In that year, the world luxury goods market – which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage, handbags – was worth close to $170 billion and grew 7.9 percent. The United States has been the largest regional market for luxury goods and is estimated to continue to be the leading personal luxury goods market in 2013, with a value of 62.5 billion euros. The largest sector in this category was luxury drinks, including premium whisky, Champagne, Cognac. This sector was the only one that suffered a decline in value (-0.9 percent). The watches and jewelry section showed the strongest performance, growing in value by 23.3 percent, while the clothing and accessories section grew 11.6 percent between 1996 and 2000, to $32.8 billion. North America is the largest regional market for luxury goods; unlike the modest 2.9 percent growth experienced by the Western European market, the North American market achieved growth of just under 10 percent. The largest ten markets for luxury goods account for 83 percent of overall sales, and include Japan, China, United States, Russia, Germany, Italy, France, United Kingdom, Brazil, Spain, and Switzerland.
In 2012, China surpassed Japan christianlouboutin.com review as the world’s largest luxury market. China’s luxury consumption accounts for over 25% of the global market. The Economist Intelligence Unit published a report on the outlook for luxury goods in Asia which explores the trends and forecasts for the luxury goods market across key markets in Asia. In 2014, the luxury sector is expected to grow over the next 10 years because of 440 million consumers spending a total of 880 billion euros, or $1.2 trillion.
Though often verging on the meaningless in modern marketing, “luxury” remains a legitimate and current technical term in art history for objects that are especially highly decorated to very high standards and use expensive materials. The term is especially used for medieval manuscripts to distinguish between practical working books for normal use, and fully illuminated manuscripts, that were often bound in treasure bindings with metalwork and jewels. These are often much larger, with less text on each page and many illustrations, and if liturgical texts were originally usually kept on the altar or sacristy rather any library that the church or monastery who owned them may have had. Secular luxury manuscripts were commissioned by the very wealthy and differed in the same ways from cheaper books.
“Luxury” may be used for other applied arts where both utilitarian and luxury versions of the same types of objects were made. This might cover metalwork, ceramics, glass, arms and armour, and a wide range of objects at christianlouboutin.com. It is much less used for objects with no function beyond being an artwork: paintings, drawings and sculpture, even though the disparity in cost between an expensive and cheap work may have been as large.