Luxury Goods

Luxury goods rebounded strongly in Germany in 2021, seeing double-digit current value growth, following a strong decline in 2020 due to the impact of COVID-19. Despite overall value sales still not returning to the pre-pandemic level, the stronger…

COVID-19 had a significant negative impact on sales of luxury goods in Switzerland in 2020, seeing a double-digit retail current value decline. Although sales of such products are driven by affluent consumers who are less likely to be impacted by…

Luxury goods in Turkey performed reasonably well in 2021, with total current value sales growing at a healthy pace and most categories showing dramatically improved results in volume terms. The market as a whole benefited from the progression of the…

Overall luxury goods experienced a significant contraction in 2020, due to the imposition of a state of emergency in Japan during April and May due to the emergence of COVID-19. During this time, non-essential stores closed or reduced their operating…

Unlike most of the non-urgent consumer goods industries (such as mainstream apparel and footwear or personal accessories), luxury goods went against the negative results of COVID-19 in 2020. Relying on the strong purchasing power of affluent consumer…

As in many markets around the world, measures imposed in order to curb the spread of COVID-19 have had a significant negative impact on sales of luxury goods in the Philippines. Although in the past, luxury goods have often been regarded as…

Luxury goods in South Africa was significantly impacted by the emergence of the pandemic in 2020 as a result of lockdowns and various restrictions including border closures and the temporary closure of non-essential stores introduced by the…

Measures introduced to limit the spread of COVID-19 had a marked impact on the luxury goods market in Mexico in 2020. Many Mexicans followed the recommendations by staying at home as much as possible in order to stay safe, while public spaces,…

Luxury goods was one of the consumer goods industries hardest hit by the COVID-19 pandemic. The fact that sales of luxury goods are reliant on the premium retail experience became a major Achilles’ heel for the entire industry as many people remained…

New waves of the Coronavirus (COVID-19) pandemic occurred in Thailand during 2021 with the number of new cases reaching 20,000 a day at one point. As a result, demand for luxury goods was rather volatile with the market subjected to a number of…

The overall luxury goods industry in Taiwan has been firmly impacted by the COVID-19 pandemic, although this is more as a result of the collapse in experiential luxury earnings as well as a sharp slowdown in value sales of premium and luxury cars.…

Having plunged by more than a quarter during 2020, retail current value sales of luxury goods will exhibit a modest rebound during 2021, with premium and luxury cars the top performer, followed by super premium beauty and personal care. The pandemic…

Luxury goods in Singapore experienced a significant decline in value sales in 2020, largely attributed to the effects brought about by the emergence of the pandemic, which resulted in both demand and supply shocks to the market. Demand-wise,…

While luxury goods registered a double-digit decline in current value sales in 2020, the outlook is much more positive in 2021, with current value growth expected across all luxury goods. Up to now, the economy has coped relatively well from the…

In terms of values sales, personal luxury has one of the highest shares of luxury goods. However, the performance of categories within personal luxury differed depending on the category’s necessity and their dependence on travel and normal working…

For luxury goods in 2021, the picture is a mixed one. On one hand, the category is set to display retail value growth that is almost twice as large as the rate recorded in 2019. On the other, this growth will not offset the huge losses sustained in…

In terms of the size of value sales, luxury goods is dominated by premium and luxury cars, which is rebounding in 2021 driven by the growing demand for electric cars and consumers’ desires to avoid new car tax regulations which became effective from…

Having plunged by around a quarter during 2020, retail current value sales of luxury goods rebounded significantly in 2021 but remained some way off their pre-pandemic (2019) peak. This rebound was particularly notable for premium and luxury cars and…

Sales of luxury goods saw a significant impact from the outbreak of COVID-19 in 2020, resulting in slower current value growth than in 2019. In response to the pandemic Russia closed its borders to foreign arrivals which dealt a significant blow to…

Luxury goods in China is expected to sustain strong momentum post-COVID-19 and register double-digit current value growth in 2021, thanks to the strong purchasing power of China’s affluent demographic. Repatriated luxury spending, compounded by the…