Luxury Goods

Argentina’s recovery from the impact of the COVID-19 pandemic has been slower than expected as new external issues impact local business. Despite seeing GDP growth in 2021, the pace of recovery has slowed in 2022 according to Euromonitor’s…

Luxury goods saw a significant current value decline in 2020, due to limited mobility, store closures or limited operations, the closure of borders, and consumers’ reluctance to spend during COVID-19. In 2021, although there was less disruption to…

Having plunged by more than a quarter during 2020 due to pandemic restrictions and the economic shock that they engendered, retail constant value sales (2022 prices) of luxury goods began to rebound in 2021, with this trend continuing into 2022.…

Luxury goods had a promising start in China in 2022, with leading luxury goods conglomerates continuing their robust growth in the first quarter, and encouraging results reported. However, in the second quarter it was faced with high uncertainty,…

Having declined slightly during 2021, retail constant value sales of luxury goods rebounded strongly in 2022. The worst of the pandemic appears to have passed, and the government has encouraged people to spend money by giving out various vouchers.…

The luxury goods market in Thailand is set to see the continuation of its recovery in 2022. Indeed, the overall market is expected to exceed the level of value sales seen immediately prior to the outbreak of COVID-19 during the year, although several…

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…

After the sharp slowdown seen at the start of the COVID-19 pandemic, sales of luxury goods continued to show signs of recovery in 2022. Sales of personal luxury have been boosted by the reopening of stores and the progression of the country’s…

Luxury goods is set to see high single-digit growth in current value terms in 2022, continuing its road to recovery. This has been especially evident since the last quarter of 2021, starting recovery from the strong decline seen in 2020 linked to the…

Luxury goods in Singapore is set to experience further significant current value growth in 2022, following notable declines in 2020, in the first year of the pandemic. This is largely attributed to the effects brought about by the encouraging…

The Australian border remained closed until March 2022, which led to a further increase in domestic consumption of luxury goods and full recovery to pre-pandemic levels for current value sales by the industry. The absence of international travel and…

Luxury goods continues on the path to recovery from the impact of COVID-19 in 2022, after sales returned to growth in 2021. Omicron rates started declining in the early part of 2022, allowing governments in most provinces to roll back their COVID-19…

Involuntary saving emerged as a new reality that was imposed by enforced changes in lifestyle (restrictions on international travel, foodservice, entertainment, culture, etc.), and this favoured the consumption of luxury goods in the pandemic years.…

After the second wave of COVID-19 hit India in the first half of 2021, the pandemic was believed to be under control due to a rise in vaccination rates. Although the country experienced a third wave in early 2022 as a result of the Omicron variant of…

Luxury goods continued to exhibit a divergent performance during 2022, with marginal growth in retail constant value sales: Experiential luxury remainder the top performer, as the easing of COVID-19 restrictions during the early part of the year…

Retail constant value sales (2022 prices) of luxury goods continued to recover during 2022 but remained well below their pre-pandemic peak. The easing of COVID-19 restrictions supported demand growth, particularly in luxury hotels, but retail…

There have been mixed performances across the various luxury goods categories in 2022, although most have continued the recovery from the effects of the COVID-19 pandemic that started in the second half of 2021 as restrictions were lifted. Growth is…

2022 is likely to see a mixed picture for luxury goods in France. On the one hand, the industry is set to display retail current value growth that is much higher than the rate recorded in 2019. On the other hand, this growth will not offset the huge…

Retail constant value sales (2022 prices) of luxury goods grew for the first time in three years during 2022 but remained well below their pre-pandemic level. The performance of luxury goods in Spain depends to a large extent on tourists visiting…

By the end of 2021 and early 2022 economic activities within Mexico had normalised, following constant government efforts to find ways to reactivate the economy and leave behind the harsh impact of the COVID-19 pandemic. By March 2022 most economic…