Global Luxury Index on the rise – what this means for wool
The S&P Global Luxury Index which tracks 80 of the world’s largest publicly traded companies engaged in the production or distribution of luxury goods or services is sitting at an all-time high at 2844.89.
The rise is driven by the surge of big spending Chinese shoppers “who are splurging at home, during trips to Europe and increasingly online,” as stated by Matthew Dalton’s recent article published in The Wall Street Journal and The Australian, and analysts say that the pick-up in spending could accelerate more this year.
Fox & Lillie trading and export believe that the S&P Global Luxury Index can be used as a reasonable indication to predict the level of demand for wool, and with the rise of luxury goods purchased by Chinese shoppers jumping 12 per cent last year (Bain & Co. consulting firm), Fox & Lillie believes that this is a good sign for the direction of the wool industry.
Matthew Dalton’s full article New Wave of Chinese Shoppers Splurges on Luxury Goods.