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.
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.
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.
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.
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.
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
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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