Having declined by almost two fifths during 2020, luxury foodservice retail current value sales saw no more than a modest rebound in 2021. Luxury foodservice service outlets were forced to close for much of the first half of 2020 and again for a period during the latter part of the year and into early 2021.
In luxury foodservice, spending is driven in large part by fine wines. Due to the outbreak of COVID-19, luxury foodservice operators having been left holding a surplus of fine wines that will end up either damaged or just losing value.
While international tourism began to recover during 2021, visitor numbers remained well below pre-pandemic levels. According to ENIT (Italy’s National Tourism Agency), international arrivals booked for July and August 2021 were positive in comparison with 2020 from all countries – except the UK, the USA, Russia and China.
The recovery in retail current value sales of luxury foodservice will accelerate during 2022, as the threat posed COVID-19 continues to diminish, the rebound in international tourism gathers pace and the domestic economy revives, boosting local consumer confidence. Nonetheless, this recovery will be slow and partial: In constant terms, retail value sales will remain well below their pre-pandemic (2019) peak even at the end of the forecast period.
Luxury foodservice operators are expected to pay more attention to attracting more affluent local consumers, particularly during the early part of the forecast period, when inbound international tourism will remain subdued. Luxury restaurants located in major cities like Milan, Rome, Florence and Bologna will aim to attract business clientele attending trade fairs, such as the annual Milan Furniture Fair, which returned in September 2021.
Giorgio Armani SpA’s Armani and Marriott International Inc’s Bvlgari remain the dominant brands in luxury foodservice in Italy, accounting for just over half of retail value sales between them in 2021. During 2022, a Bvlgari restaurant will be opened in a new Bvlgari hotel in Rome’s Piazza Augusto Imperatore.
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Understand the latest market trends and future growth opportunities for the Luxury Foodservice industry in Italy with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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Includes luxury chained cafés/bars and chained full-service restaurants (outlets) and their corresponding sales. Chained foodservice outlets are considered luxury only if they are owned by International Luxury and Fashion houses.See All of Our Definitions
This report originates from Passport, our Luxury Foodservice research and analysis database.
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