Continued momentum in luxury demand driven by growth markets and travel 3
Remapping global luxury sales by consumer 6
Chinese becoming the largest spenders in Europe as Japanese dominance fades away 14
Intra-Asia travel: Rising activity levels 17
Comparing travel markets in Japan and China 21
Where does the BRIC consumer spend? 24
Continuing momentum in global travel: GS Luxury Travel Index up 7.3% in 3Q2011 26
Four of the ten busiest airports serving international passengers are European 27
European exposure essential to growth: Our estimates are 6% ahead of consensus 31
Long-term sector growth drivers are intact: Consumer middle class to grow exponentially 34
Risks to our view 36
Global luxury valuation 38
Regional share price performance and valuation 39
Travel trends are changing with global economic realignment; our long-term view 40
Major travel destinations profiles – inbound statistics 46
Profiling the brands – a summary 50
European luxury price target methodologies and risks 62
Disclosure Appendix 63