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 overseas luxury spending has resulted in many Australians continuing to search for local alternatives with which to indulge themselves.
Luxury retailers and brand owners continue to open new stores in line with the dominant position of non-grocery specialists in Australian luxury goods, offering more memorable shopping experiences, whilst still launching or enhancing their local e-commerce platforms to expand their consumer reach. Australia continues to offer strong opportunities for luxury goods players with the country ranking fifth in Euromonitor International’s Wealth Index Ranking, which shows the further potential for high-value consumption.
Luxury goods in Australia continues to recover, encouraging a number of brands to refurbish their stores or open new concepts. In particular, personal luxury brands are enjoying a notable recovery, offering a more accessible option compared to premium and luxury cars, for instance, in an unstable environment.
Physical stores remain crucial for sales of luxury goods in Australia, with many consumers appreciating the in-store personal service of knowledgeable sales assistants, whilst preferring to first inspect high-end goods prior to purchase, not only to gauge suitability but also due to greater trust in authenticity when purchasing big-ticket items. This has traditionally hindered the greater reach of e-commerce in personal luxury due to trust concerns, but the pandemic led to a surge in online sales in 2020 due to enforced store closures for non-essential businesses as part of restrictive measures to control the spread of the virus.
Given the volatility and uncertainty around the Australian economy, corporate focus will remain on risk mitigation. Initiatives to reduce costs and streamlined product portfolios are likely to continue as a way to mitigate this risk.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Australia 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.
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 Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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