Luxury goods was one of the categories hardest hit in Indonesia by COVID-19 restrictions. 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 very reluctant to visit shopping centres and retail stores for fear of contracting the virus.
During the second quarter of 2022, entry rules for foreign visitors to Indonesia were relaxed. As a result, the number of international tourists visiting the country rose almost sixfold during April.
Indonesia has a relatively young population (a median age of 30 years in 2021), and millennials and Gen Z are relatively important consumers of luxury goods. They are more responsive to social media, particularly influencers, than traditional marketing, and are generally not very loyal to brands.
The pandemic has driven a significant shift to e-commerce in luxury goods. However, having spiked in 2020, when COVID-19 restrictions were particularly severe, the value share of e-commerce in luxury declined in both 2021 and 2022.
There will be robust growth in retail constant value sales of luxury goods during the forecast period. This will be supported by a revival of inbound tourism and a post-pandemic economic recovery, which will boost consumer confidence.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Indonesia 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 Indonesia, 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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