Luxury sector on the rise

THE Spanish luxury sector has ended 2012 with €4.79 billion in sales.

This is 15 per cent more than in 2011, when the sector sold 20 per cent more than the previous year thanks to many products being sold internationally.

The upwards trend is expected to continue in 2013, with a further 15 per cent improvement.

Forty per cent of the money made by Spanish luxury product companies is thanks to international sales.

However, 55 per cent of tourists visiting Spain purchase international brands which can be acquired here at lower prices and many can also get them tax free.

Meanwhile, according to consultant Bain and Company, Spanish clients buy fewer products but of better quality.

The favourite products are those related to food and beauty, which account for 60 per cent of sales, followed by tourism and quality services. The sectors which are on the rise are jewellery, leather goods, fashion and accessories.

Most luxury products are sold in Barcelona (32 per cent) and Madrid (27 per cent), followed by Marbella, Ibiza and Mallorca, according to Luxury Spain.