Luxury Food And Beverage Market On The Rise

Fashionistas are becoming foodies, according to a report from a fashion conference held recently in Milan, Italy. People whose need to live a luxury lifestyle has been fulfilled by haute couture and high fashion are now fueling the growth of a luxury food and beverage market. Though still in the early stages, the premium food market “is giving clear signals of future development, especially in some segments such as coffee and spirits," one expert said. Premium food could duplicate the success of the luxury market. A few niche food companies in the U.S. are posting double-digit growth similar to the fashion industry in the past. As a sign of the times, fashion house Prada this year bought an 80 percent-stake in a 190-year-old Milanese patisserie.