After two years of decline, luxury goods in Germany is expected to return to current value growth in 2022. The industry is being widely defined by continuing recovery and a gradual return to more normal behaviours with regard to consumers living their daily lives in terms of working and shopping, and their product choices.
Amongst the lasting effects of COVID-19 with regard to consumer behaviour and shopping trends, an intensified focus on health and wellness, as well as sustainability and corporate responsibility, can be clearly identified. Consumers now place significantly more value on products and services that support and boost their physical and mental health and wellbeing.
Even though in 2021 premium and luxury cars was not able to recover from the negative effects of COVID-19 – its lockdowns, home seclusion, and general insecurity amongst consumers – luxury goods was still dominated by manufacturers of premium and luxury cars in terms of value sales. The combined value share of Daimler AG, Volkswagen AG, and Bayerische Motoren Werke dropped by more than six percentage points, but still represented nearly two thirds of value sales of luxury goods in Germany.
With restrictions loosened and lockdowns ended in 2022, store-based retailing is finally expected to manage to see some rebound in personal luxury, after the strong declines seen during the pandemic. Nevertheless, many consumers still lack the confidence or motivation to go shopping for non-essential items, as requirements regarding vaccinations and certifications complicate some shopping endeavours, and case numbers are still rising and falling in wave-like developments.
Luxury goods is set to see further solid current value growth over the forecast period, as many categories continue their recovery from the negative effects of COVID-19. Major investments such as cars had to be put on hold by many consumers, which will contribute to faster growth in the forecast period as consumers regain confidence and economic stability returns.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Germany with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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