Jul 7, 2017
Italy's quality products booming in USA according to Italian industrialists' association
Jul 7, 2017
Italy's quality products are booming in USA, the advanced economy with the highest purchasing power in the world, thanks to its per capita GDP of over €50,000 and, above all, its per capita disposable consumption income of €37,000. And of course, the USA are the largest of the world's developed markets, with a resident population of over 320 million and a middle class of over 220 million.
Americans are fond of the good things that come from Italy, of the fine, expertly crafted products which best embody what Americans most look for in the Mediterranean country: culture. This is the picture that emerges from a survey by CSC, the Research Centre of the Italian industrialists' association, Confindustria.
CSC's latest 'Exporting the Dolce Vita' report indicates that, between 2016 and 2022, the US imports of fine, expertly crafted products from Italy are expected to grow by a cumulated 28%. The imports total could reach nearly €13 billion in 2022 (an extra €2.8 billion in the next six years), making the US the largest export market for Italian quality products.
The forecast is a conservative one, taking onto account merely the preservation of existing market shares. If those shares were to increase, quality imports from Italy could reach a total of €20 billion in the USA.
Between 2011 and 2015, Italian products have actually increased their US imports share for the majority of the sectors analysed in the report (especially in food, clothing and textile - home decoration, footwear and eyewear) or have at the very least retained Italy's position as prime EU exporter to the USA (in furniture and gold products/jewellery).
The survey notes however that Italian quality products still have to realise their full potential on the US market, so there is a major growth opportunity there for fine, expertly crafted Italian products.
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