Africa's elite develops a taste for the finer things in life

The luxury sector has been adjusting to what some analysts call the “new normal”. After growing at 10-13 per cent a year in 2010, 2011 and 2012, rates were already slowing last year, and are forecast to settle at between 4 and 6 per cent.

Even sales in China, which were growing at 20 per cent two years ago, are expected to rise only 2-4 per cent this year, according to Bain, the consultancy.

Read more: Africa’s elite develops a taste for the finer things in life – FT.com.

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