Retail sales of luxury goods in Germany increased by 2% in current value terms to reach EUR62.5 billion in 2023.
Luxury goods recorded positive current value sales growth during the final year of the review period, despite headwinds caused by the cost-of-living crisis, inflation and the war in Ukraine. Germany is home to numerous affluent adults, with two million calling the country home in 2023, accounting for a 3% share of the overall population.
The luxury goods industry is still highly competitive. With mindfulness even creeping into consumer choices, luxury players are focusing more on creating innovative products that offer consumers value, ensuring that that the products and services they sell are attractive to consumers.
Luxury retail is currently undergoing changes, with digitalisation changing where consumers shop and how they engage with luxury brands and retailers. This is leading to a rise in the importance of online shopping among some consumers, while also forcing retailers to rethink the role of physical outlets.
Luxury goods has a bright future ahead, with pent-up demand that built up during the pandemic looking set to lead to consumers increasingly buying high-end luxury goods during the forecast period. Retail sales of luxury goods in Germany are expected to register a CAGR of 10% in current value terms (7% CAGR at constant 2023 prices) over the forecast period to reach EUR99.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Germany with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Germany, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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