International Luxury Goods Retailing Market Report 2022
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The Global Luxury Goods Retailing Market Report 2022 identifies consumers’ attitudes towards luxury goods, key aspects for consumers when buying luxury goods, and the impact of inflation on the luxury retail industry. This report covers the luxury goods market size, market forecast, market segmentation and industry trends for the global luxury goods market.
According to our luxury market report, the luxury retail industry is more resilient to inflationary pressures than other sectors. In 2022 the luxury fashion market is facing increasing costs from supply chain disruptions and rising production costs, all exacerbated by the conflict in Ukraine.
Across most European countries, sales of luxury goods have been driven by the lifting of COVID restrictions and the return to international travel. Luxury goods market growth in the Americas has outperformed Europe, driven by the strong performance of the US where the number of HNWIs has grown significantly.
Meanwhile Asia-Pacific remains the largest market for luxury goods by sales, however, the industry has been impacted by a series of COVID-related lockdowns in major Chinese cities, thus limiting luxury goods market growth in this region.
The luxury goods market will be more resilient than other sectors to an economic slowdown. One area of luxury goods market growth will come from brands increasing their efforts to become more inclusive and diverse, encouraging spending by a wider customer base.
The economic slowdown across Europe will not impact affluent shoppers, but could lead younger luxury goods shoppers to rein in some of their spending. Consumer appetite for luxury will remain strong in Asia-Pacific, however, a slowdown in China could reduce the luxury goods market growth. Inflationary pressures may impact disproportionately on younger consumers who are the main buyers of luxury goods.
The luxury fashion market will return to higher levels of growth as the economy recovers. Investment in online channels and the latest technology will help drive luxury goods market growth.
The Asia-Pacific region, driven by China and Japan, is well-placed to expand its sales of luxury goods, underpinned by continued expansion in the number and wealth of HNWIs. Meanwhile, the performance of the Americas will continue to be closely linked to stock markets and the wealth they generate.
Our luxury market report has identified familiarity as a key decider for shoppers when buying luxury goods. This is especially true in inflationary periods because consumers will tend to prefer what is tried and tested rather than risk spending their money on something new.
Read on to discover more details or take a look at all of our Retail Market Research.
Products: Fashion & leather goods, fragrances, cosmetics, jewellery, watches, writing instruments, eyewear, furniture, hotels, spas, bars.
Brands: Burberry, Hermès, Kering, Estée Lauder, L’Oréal Luxe, LVMH, Prada, Ralph Lauren, Richemont, Shiseido, Swatch Group, Tapestry, Tod’s Group, Tiffany & Co., Rolex, Hugo Boss, Lampoo, Mr Porter, Bulgari, Chanel, and more.
This report, written by Tamara Sender Ceron, a leading analyst in the Fashion Retail sector, delivers in-depth commentary and analysis to highlight current trends in the global luxury goods market 2022, and adds expert context to the numbers.
While the luxury goods market is more resilient to inflationary pressures than other sectors, if younger and entry level luxury purchasers are affected disproportionally, this could suppress their spending and impact on market value. Luxury brands will need to promote themselves as a worthwhile investment and as an important way of treating oneself in a post-COVID world.
Tamara Sender Ceron
Associate Director – Fashion Retail
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.