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P.C. Hooftstraat Hotspot for International Consumer according to new report Cushman and Wakefield

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Cushman & Wakefield today launched the fourth edition of the Luxury Retail / PC Hooftstraat report. The report confirms the importance of international, especially European tourists for spending in the high-end luxury retail. The P.C. Hoofstraat benefit in this aspect greatly from its location in the Museum District, the reopening of the Rijks Museum, for instance, led to a 30 percent growth in international visitors. Top brands such as Prada and Burberry show that about 50 percent of sales in Europe is realized among tourists, even brand Ferragamo reported a rate of 70 percent. This may explain the departure of luxury retailers in the second tier as Dr. Adams, Hartmann & Hartmann, Zumpolle Bagagerie and Didato. Hugo Boss which achieves an estimated 20 percent of sales in the international tourism sector reduced two years ago, the presence in the PC Hooftstraat in favor of a new flagship store in Leidsestraat which has a higher traffic flow and at the same time has a strong attraction to tourists.
Both international and European level Chinese and Russian consumers are the major spenders in the top luxury segment. Geopolitical developments and currency problems recently has led to a decline in luxury retail spending by Russian tourists (- 16 percent in 2014). Chinese tourists offset this decline largely to an increase of more than 18 percent growth in luxury retail spending in 2014. China is also, with a share of 30 percent in global luxury retail spending, the largest luxury retail country in the world. With an expected increase of 30 percent non-European tourists who come to Europe in 2020, the PC will Hooftstraat Amsterdam in the coming years, the most sought after business location remain of luxury retail.

Emergence of a new middle class.
Recent research by Capgemini and RBC Wealth Management predicts that the number of rich growing by nearly 7 percent per year in the period 2013-2016 . China executes this growth with an expected 15 million new consumers in the luxury retail segment in 2020. In the United States is expected to increase from 10 million in this period, while Europe can expect an increase of 6 million . More importantly, the rapid development of the middle class in 2009 consisted of 1.8 billion people and will grow to over 3.2 billion in 2020 and 5 billion in 2030. The rise of a new middle class occurs mainly in Asia in an increasing number of emerging markets such as Indonesia and Thailand . The emergence of a new middle class will lead to underestimate the level of consumer spending , which is now on average EUR 502 , - is per transaction , the coming years will increase significantly.

Download the report


Ingrid Wallisch

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