Louis Vuitton, Gucci, Cartier, Hermès and Prada are the most coveted brands within the Italy luxury travel goods market. Such brands have a long heritage of history and quality, allowing them to enjoy brand loyalty and recognition. The location of those premium shopping outlets is usually in the most expensive high streets in Italy. Their outlets communicate their brand identity thanks to flagship stores. Such brands are also available in department stores.
Italy is one of the three countries with a 7-star hotel: The Town House Galleria in Milan. This city is a hub for businessmen and also the capital of fashion in Italy. In total, there were 5,251 hotels in Italy. 5-star hotels accounted for approaching 8% of the total number of hotels, and 4-star hotels for 92% in 2012. 5-star hotels are mainly located in core cities such as Milan, Rome and Florence. Such hotels remained attractive for wealthy customers, and hence have a positive impact on demand for luxury travel goods.
Total value sales of luxury travel goods should register a growth CAGR of just over 1% in Italy over the forecast period. This industry is predicted to face a decline in volume terms. Such negative growth should be driven by lower domestic consumer demand. However, the expected decrease in volume should be reduced thanks to foreign tourists. Additionally, luxury travel goods should be challenged by predicted sharp price increases due to rising production costs and the volatility of raw materials' prices.
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