In 2020, the experiential luxury segment is set to be hit extremely hard by the fallout from COVID-19. Experiential luxury in Switzerland depends to a great extent on tourism and the country’s status as an international business destination.
The sector has also been hit by the shuttering of much of the country’s business at the beginning of the year, and the rise in consumers working from home where possible. This trend has been particularly pronounced in the kind of affluent, white collar professions that make up the largest part of the experiential consumer base.
Experiential luxury in Switzerland has an extremely strong reputation. However, the sector may face some existential threat from the pandemic, as a rising issue in 2020 has been the damage done to the structure of the industry.
Experiential luxury is anticipated to recover slowly in Switzerland over the forecast period, with value sales in current terms only reaching pre-pandemic levels by 2025. Ongoing restrictions to travel, either as a result of consumer anxiety or government regulation, will be a key part of this.
There is significant opportunity in repositioning parts of experiential luxury to make them less corporate aligned. There has been a spike, unsurprisingly, in consumer health awareness, with widespread understanding of the negative links between COVID-19 and obesity for example.
Although numbers of high net worth individuals in Switzerland are set to continue to grow over the forecast period, the fact that the country depends so much on international travellers will slow recovery in experiential luxury over the forecast period. Key source companies such as the US, UK and Germany are set to see marked economic contraction in 2020, and a slow return to economic health.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Switzerland with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Experiential Luxury research and analysis database.
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