Having plunged by more than a quarter during 2020 due to pandemic restrictions and the economic shock that they engendered, retail constant value sales (2022 prices) of luxury goods began to rebound in 2021, with this trend continuing into 2022. Experiential luxury was by far the top performer during the latter year, with the re-opening of the country’s borders during the second quarter of the year providing a significant boost to demand for luxury hotels.
An increasing number of designer apparel and footwear brands are focusing on athleisure ranges. These target millennial luxury shoppers and the emerging athleisure style trend, which has been particularly strong since the easing of lockdown, with people increasingly demanding more comfortable leisure and casual style clothing in their everyday lives.
The biggest players in personal luxury remain international companies like Louis Vuitton Malaysia Sdn Bhd, Hermes Retail (M) Sdn Bhd, Richemont Luxury Malaysia Sdn Bhd and Coach Malaysia Sdn Bhd. In designer apparel and footwear (ready-to-wear), brands continue to engage in collaborations with each other in order to boost their presence and attract more consumers.
In spite of the easing of COVID-19 restrictions, e-commerce continued to grow in importance as a distribution channel for personal luxury during 2022. Internet retail tends to be particularly attractive to affluent young consumers, who appreciate the convenience and wide product offer of this channel.
The rate of growth in retail constant value sales of luxury goods will be robust during the forecast period, with experiential and personal luxury the top performers. The performance of premium and luxury cars will be much more uneven, as tax incentives brought demand forward to the latter part of the review period.
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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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