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 emergence of COVID-19.
Experiential luxury is expected to benefit from the partial recovery of international tourists (mainly driven by the growth of European tourists), as Italy is amongst the countries most frequently chosen by luxury travellers, being appreciated for its art, culture, food and drink offerings. Moreover, 2022 will see important new luxury hotels and restaurants in Italy, such as Bvlgari Hotel in Rome in Piazza Augusto Imperatore (by one of the leaders in luxury hotels, Marriott), which will also include a new luxury restaurant managed by the famous chef Niko Romito, and Gucci Giardino 25, a new luxury café and cocktail bar, which opened in Florence in 2022.
Gucci continued to lead personal luxury in 2021, partially recovering its sales as it benefited from domestic retail expenditure. Gucci continued to reorganise its distribution network, reducing its wholesale activity in favour of retail sales in directly operated stores.
Personal luxury remains mainly store-based in Italy; however, e-commerce gained significant share during the pandemic, and this is set to continue, although at a slower, pace, in 2022. After seeing a significant double-digit growth rate in 2020, which allowed e-commerce to nearly double its value share, growth in online sales slowed in 2021, with a further slowdown expected in 2022.
Overall sales of luxury goods are set to return to the 2019 level in Italy in the forecast period in current value terms. Personal luxury is expected to see the pre-COVID-19 level of sales return in 2024, due to the gradual return of international tourists to Italy, who were responsible for nearly a third of total sales pre-pandemic in Italy.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Italy 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:
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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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