CPP Luxury Consultants: “The buying power has continued to decrease among Romania’s wealthy”

Valentino, Gucci, Alfred Dunhill, Max Mara, Burberry, Gerard Darel and Ermanno Scervino are some of the international luxury brands which have made headlines with developments in 2011, in Romania, the second largest EU market in Eastern Europe after Poland,” according to an analysis of the luxury market carried out by CPP Luxury Consultants.

 “Unfortunately, the buying power has continued to decrease among Romania’s wealthy, CPP’s research estimating that over 20 percent of the segment have actually disappeared from the databases of luxury brands (all sectors). And the economy, although applauded by the EU for being among the first to cut costs, has remained flat in 2011, foreign direct investments decreasing and a banking sector highly reluctant to finance the private sector, not to mention the alarming market share Greek banks hold in the Romanian economy?,“ says the study.

 The analysis also mentions that “there are no major international luxury brands seeking entry in Romania, 2013 being taken into consideration by brands such as Prada (most likely directly operated stores), Bottega Veneta (franchise) and Tiffany.”

 Read the entire piece at this link.

Otilia Haraga

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