Experts Predict Luxury Sector Will Grow 5% by 2005

The luxury-goods industry should improve strongly by 2005 as the global economy rebounds and new sales opportunities arise, said luxury market experts at BaselWorld's annual forum on the luxury market. Speaking were Paola Durante, chief analyst of luxury goods at Merrill Lynch in Italy; Michael J. Silverstein, vice president of the Boston Consulting Group (BCG), Chicago; and Stéphane Truchi, managing director of IPSOS, a French market research firm newly partnered with the BaselWorld Forum. After two years of sliding global economies, they predicted, luxury-goods firms should see their fortunes improve significantly as the world economy begins recovering in late 2003, aided by the post-Iraq-war rally. By 2005, the luxury sector should see 5% annual sales growth. Firms whose products offer emotional security and relevance to consumers' needs will succeed best, they noted. But to beat
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