BRIC nations are fuelling hopes that the luxury market would see a new growth though the western countries are almost bankrupt thanks to the ill effects of the recession. Though the economy is picking up in the west, no one really wants to spend money on luxury goods there.
Whereas, BRIC nations have seen tremendous growth and countries like Brazil, Russia and China have a huge population that is well educated with the trends of fashion and luxury. At least in these countries, big fashion and luxury houses like Moet, BMW, Prada and others could see a new beginning. The most optimistic sign has been the forecasting of BMW, who which reveals that there might be more than 10% growth this fiscal year.
Brazil and China are known to spend a lot of money on luxury brands such as Chanel and Elizabeth Arden for skin and hair care. In fact, the Chanel lipsticks and perfumes have been a big hit in Russia too, which suffered for almost a century under the vicious rule of the Communists. Things however seem to be changing for the better and more and more people in the developing countries can now afford luxury.