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.
Other than some high-income tourists coming from the US or the Arabian peninsula, who are set to contribute to recovery in 2022, the number of affluent consumers was still not enough for luxury hotels and retailers in Paris during the first half of the year – while luxury outlets on the coast seemed to enjoy appreciable occupancy rates, as in 2021. Therefore, the offering is having to focus on a more local and European consumer base.
2022 is likely to be an outstanding year for the French giants in personal luxury goods, which already scored a hit in 2021. However, success will come much more from their exports (notably to the Far East) than from their local sales.
After having licked their wounds in the second half of 2021, store-based luxury retailers are beginning to bounce back in 2022. The bricks-and-mortar channel paid a heavy price from March 2020 to autumn 2021, more so in Paris and in the French provinces.
The outlook is rather promising for luxury goods in France in the coming five years, even if there may be some sour notes, such as the slow recovery of designer apparel and footwear, which will mainly be supported by the explosion of inflation and additional price increases by designers and great fashion houses. Other than the consequences of the slow return of Asian and business tourists to Paris, growth in designer apparel and footwear will be hampered by the persisting working from home trend, which could limit the opportunities to purchase upmarket formal clothing and limit consumer footfall in the Parisian avenues.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in France with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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