Germany Consumer Attitudes towards Luxury Market Report 2023
£ 2,195 (Excl.Tax)
Description
The Germany Attitudes towards Luxury Market Report 2023 identifies consumers’ attitudes towards luxury goods Germany, luxury attitudes Germany, and the impact of COVID-19 and inflation on the luxury goods market in Germany.
Germany Luxury Goods Market: Current Market Landscape
The lifting of COVID-19 restrictions and the return to international travel has helped drive growth of luxury shopping in Germany in 2022. Despite the cost-of-living crisis, the luxury attitudes Germany of affluent consumers are less vulnerable to high inflation and many of them are still eager to consume luxury.
Nonetheless, the cost-of-living crisis is forcing many consumers to cut back on discretionary spending, affecting Germany luxury goods market growth overall by making big-ticket luxury purchases less attainable for the average consumer.
Germany Luxury Goods Market Forecast: Market Share & Key Industry Trends
Squeezed household budgets will impact German shopping values for luxury brands, and the spending power of younger and less wealthy luxury shoppers will be reduced in the medium term. However, opportunities arise for more affordable consumption alternatives, e.g. takeback and resale, and rental models.
According to our Germany luxury goods market forecast, pent-up demand after the pandemic and a renewed appreciation for experiences over material things will help drive the experiential luxury goods market in Germany.
- 42% of Germans are interested in luxury shopping in Germany (in the next 12 months).
- 53% of Germans say it’s worth paying more for products of higher quality.
- 10% of Germans associate luxury with being sustainable, which highlights significant demand for luxury brands to prioritise sustainable initiatives.
- 72% of Gen Z and Younger Millennials purchase luxury products or experiences.
Future Trends in the Germany Luxury Goods Market
Germany luxury goods market growth will return to higher levels as the economy recovers. Investment in sustainable practices (to stand out from competitors), ecommerce, and the latest technology will also help drive growth of the Germany luxury goods market.
Our luxury shopping Germany report shows that there are opportunities for premium brands to reach more affluent consumers in particular. For example, luxury brands can emphasise how investing in their premium-quality products benefits consumers, such as through greater durability and better performance.
Moreover, the rise of online luxury shopping in Germany, will make social commerce and AR/VR experiences a priority for reaching younger key target groups.
Read on to discover more details or take a look at all of our German Consumer Lifestyles Market Research.
Quickly Understand
- How do consumers define luxury – high price, prestige or premium quality?
- Purchasing of luxury products and experiences in the last year and likelihood of purchasing luxury products and experiences in the next year.
- Purchase channels for luxury products (online and in store), and shopping behaviours.
- Luxury shopping in Germany and luxury attitudes Germany.
- Luxury consumer typologies.
Covered in this Report
Products: beauty and personal care products, fragrances, clothing, footwear, tech devices, experiences, motor vehicles, holidays, dining out, accessories, domestic appliances, beauty treatments, and more.
Brands: Meta Avatars Store, Gucci, TikTok, Louis Vuitton, Prada, Audi, FNATIC, Tiffany & Co, LoL Esports, H&M, Moschino, Adidas, L’Oréal, LuisaViaRoma, Matches Fashion, GQ Best Stuff Box, Farfetch, Marimekko, Amazon Fashion, Snap, Cream, Miele, and many more.
Expert Analysis from a Specialist in the Field
This report, written by Dr. Jennifer Hendricks, a leading analyst in the luxury goods Germany sector, delivers in-depth commentary and analysis to highlight current trends in the luxury goods market in Germany, and adds expert context to the numbers.
Exclusivity seekers are the largest and most youthful of Mintel’s luxury shopper typologies. Brands can impress them with personalised digital user experiences.
Dr. Jennifer Hendricks
Research Analyst – Consumer Lifestyles, Germany
Table of Contents
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EXECUTIVE SUMMARY
- Key issues covered in this Report
- Market context
- Opportunities
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MARKET DRIVERS
- German economy
- Graph 1: key economic data, in real terms, 2019-24
- Impact of the economy on the luxury market
- Graph 2: financial confidence over the next year, by net monthly household income, 2022
- Graph 3: financial confidence over the next year, by generation, 2022
- Population dynamics
- Graph 4: net equivalent income per year, by social status, 2022
- eCommerce
- Graph 5: individuals who made internet purchases in the last three months, 2016-21
- Sustainability
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WHAT CONSUMERS WANT AND WHY
- Defining luxury
- Graph 6: consumer definition of luxury, 2022
- Graph 7: consumer definition of luxury as premium quality, by net monthly household income, 2022
- Purchase of luxury products and experiences
- Graph 8: purchase of a luxury product/experience in the last 12 months, 2022
- Graph 9: number of categories consumers have purchased a luxury product/experience in the last 12 months, by generation, 2022
- Graph 10: purchase of luxury products in clothing & footwear and accessories, by generation, 2022
- Graph 11: purchase of a luxury beauty product/experience in the last 12 months, by age within gender, 2022
- Likelihood of future luxury purchases
- Graph 12: likeliness of purchasing a luxury product/experience in the next 12 months, 2022
- Graph 13: interest in purchasing luxury holidays in the next 12 months, by life stage and age, 2022
- Graph 14: likeliness of purchasing a luxury product/experience in the next 12 months, by net monthly household income, 2022
- Graph 15: have purchased of a luxury product/experience in the last 12 months and are interested in purchasing a luxury product/experience in the next 12 months, by age, 2022
- Purchase channels for luxury products
- Graph 16: consumers who have purchased luxury products online in the last 12 months, by product categories purchased in the last 12 months, 2022
- Graph 17: where consumers purchased luxury products in the last 12 months, by purchase channels, 2022
- Luxury shopping behaviours
- Graph 18: factors of highest interest when shopping for a luxury product, 2022
- Graph 19: interest in buying luxury products made with sustainable methods, by likelihood of luxury product purchases in selected categories in the next 12 months, 2022
- Graph 20: interest in AR/VR features when shopping for a luxury product, by generation, 2022
- Graph 21: interest in renting luxury products, by likelihood of luxury product purchases in selected categories in the next 12 months, 2022
- Attitudes towards luxury
- Graph 22: attitudes towards luxury shopping and lifestyles, 2022
- Graph 23: consumers who agree that luxury products help to express individual style, by generation, 2022
- Luxury consumer typologies
- Graph 24: Exclusivity Seekers luxury consumer group, by age, 2022
- Graph 25: the Luxury Bargain Hunters luxury consumer group, by age, 2022
- Graph 26: the Status Seekers luxury consumer group, by age, 2022
- Graph 27: the Quality Seekers luxury consumer group, by age, 2022
- Graph 28: the Indifferent Luxury Shoppers luxury consumer group, by age, 2022
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APPENDIX
- Appendix – products covered, abbreviations, consumer research methodology and language usage
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