Besides, the quarterly survey polls senior-level executives globally from various segments in the luxury industry, including watches and jewellery, art and collectibles, hospitality and services, planes and helicopters and yachting and boating.
However, almost 60 per cent of luxury industry executives expect that their total revenue and engagement with ultra high net worth individuals will grow by more than 10 per cent in the current quarter. Besides, none of the respondents expect to see a decline in their market share.
Although few respondents plan to open new stores in the fourth quarter of 2014, they expect to see new product launches.
While, only 36 per cent of respondents do not expect their businesses to expand in any significant way.
Nearly 45 per cent of the respondents said that 75-100 per cent of their revenue is derived from ultra high net worth clients, according to the survey.
During the third quarter, lack of inventory was the biggest challenge for 37 per cent of the respondents.
Previously, macro-economic circumstances were considered to be the most significant challenges that they faced.