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Luxury Goods in Russia

January 2021
USD 1,210
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Overview:

Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Russia 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:

  • Experiential Luxury
  • Luxury Hotels
  • Fine Wines/Champagne
  • Premium and Luxury Cars
  • Personal Luxury
  • Designer Apparel and Footwear
  • Luxury Eyewear
  • Luxury Jewellery
  • Luxury Leather Goods
  • Luxury Portable Consumer Electronics
  • Luxury Timepieces
  • Luxury Writing Instruments and Stationery
  • Super Premium Beauty and Personal Care

If you're in the Luxury Goods industry in Russia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Luxury Goods in Russia report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Luxury Goods in Russia?
  • Which are the leading brands in Luxury Goods in Russia?
  • How are products distributed in Luxury Goods in Russia?
  • How important is tourism in evaluating demand for Luxury Goods in Russia?
  • How is the rise of e-commerce changing the retail and competitive landscape?
  • How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
  • Where is future growth expected to be most dynamic?

Luxury Goods in Russia

EXECUTIVE SUMMARY

COVID-19 impact on luxury goods
COVID-19 country impact
Company response
Retailing shift
What next for luxury goods?

MARKET INDICATORS

Table 1 Number of High Net Worth Individuals (HNWI): 2015-2020

MARKET DATA

Table 2 Sales of Luxury Goods by Category: Value 2015-2020 Table 3 Sales of Luxury Goods by Category: % Value Growth 2015-2020 Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020 Table 5 NBO Company Shares of Luxury Goods: % Value 2015-2019 Table 6 LBN Brand Shares of Luxury Goods: % Value 2016-2019 Table 7 Distribution of Luxury Goods by Format and Category: % Value 2020 Table 8 Forecast Sales of Luxury Goods by Category: Value 2020-2025 Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

Experiential Luxury in Russia

KEY DATA FINDINGS

2020 IMPACT

Experiential luxury sees record lows due to restricted travel, a lack of tourism, and a significant decline in MICE projects
Hilton’s EventReady with CleanStay programme forges the way in new hotel sanitation measures
Lotte Hotel Co Ltd maintains its top place thanks to its pre-COVID drivers of high standards attracting both domestic and international guests

RECOVERY AND OPPORTUNITIES

Both in-country and global control of COVID-19 required before the category can recover to any notable degree
Wide-reaching financial impacts of COVID-19 set to continue to negatively impact experiential luxury
Players switch their strategies to be more competitively priced in order to re-attract custom

CATEGORY DATA

Table 10 Sales of Experiential Luxury by Category: Value 2015-2020 Table 11 Sales of Experiential Luxury by Category: % Value Growth 2015-2020 Table 12 NBO Company Shares of Experiential Luxury: % Value 2015-2019 Table 13 LBN Brand Shares of Experiential Luxury: % Value 2016-2019 Table 14 Forecast Sales of Experiential Luxury by Category: Value 2020-2025 Table 15 Forecast Sales of Experiential Luxury by Category: % Value Growth 2020-2025

Luxury Hotels in Russia

KEY DATA FINDINGS

2020 IMPACT

Luxury hotels sees record lows due to restricted travel, a lack of tourism, and a significant decline in MICE projects
Declining consumer incomes place additional negative pressure on potential sales
Lotte Hotel Co maintains lead, whilst Hilton leads the way with sanitation thanks to its EventReady with CleanStay programme

RECOVERY AND OPPORTUNITIES

Both in-country and global control of COVID-19 required before the category can recover to any notable degree
Wide-reaching financial impacts of COVID-19 set to continue to negatively impact luxury hotels
Players switch their strategies to be more competitively priced in order to re-attract custom

CATEGORY DATA

Table 16 Sales in Luxury Hotels: Value 2015-2020 Table 17 Sales in Luxury Hotels: % Value Growth 2015-2020 Table 18 Sales in Luxury Hotels by Country of Origin: % Value 2015-2020 Table 19 NBO Company Shares in Luxury Hotels: % Value 2015-2019 Table 20 LBN Brand Shares in Luxury Hotels: % Value 2016-2019 Table 21 Forecast Sales in Luxury Hotels: Value 2020-2025 Table 22 Forecast Sales in Luxury Hotels: % Value Growth 2020-2025

Fine Wines/Champagne and Spirits in Russia

KEY DATA FINDINGS

2020 IMPACT

Fine wines/champagne and spirits sees negative impact due to restaurant closures, shopping restrictions and reduced consumer spending power
Planned internet retailing of alcoholic drinks is stalled for an indefinite period, due to government concerns about alcohol addiction
Beluga Group takes the lead in 2019, whilst private label players enter champagne

RECOVERY AND OPPORTUNITIES

Impacts from COVID-19 set to continue to place downwards pressure on the category over the forecast period
Slow recovery in consumer incomes means slow recovery in fine wines/champagne and spirits
Players set to continue constraining unit prices in order to boost volume sales

CATEGORY DATA

Table 23 Sales of Fine Wines/Champagne and Spirits by Category: Value 2015-2020 Table 24 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2015-2020 Table 25 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2015-2019 Table 26 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2016-2019 Table 27 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2015-2020 Table 28 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2020-2025 Table 29 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2020-2025

Premium and Luxury Cars in Russia

KEY DATA FINDINGS

2020 IMPACT

Premium and luxury cars performs better than cars overall, due to ongoing appeal to high-income consumers
Second-hand premium and luxury cars sees a decline in sales, as higher number of consumers purchase brand new
Mercedes-Benz maintains lead by a small margin, despite losing shares to BMW

RECOVERY AND OPPORTUNITIES

Strong focus on high-specification engineering set to drive value sales
Bentley tipped as one to watch, thanks to ongoing innovation in new models
Moscow remains the number one city for premium and luxury car sales

CATEGORY DATA

Table 30 Sales of Premium and Luxury Cars: Value 2015-2020 Table 31 Sales of Premium and Luxury Cars: % Value Growth 2015-2020 Table 32 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019 Table 33 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019 Table 34 Forecast Sales of Premium and Luxury Cars: Value 2020-2025 Table 35 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025

Personal Luxury in Russia

KEY DATA FINDINGS

2020 IMPACT

Personal luxury sees declines caused by the closures of physical retail outlets due to COVID-19
Unit prices see significant increases due to the weakening Russia ruble
Mercury Group maintains unchallenged lead thanks to being the Russian distributer for myriad luxury brands

RECOVERY AND OPPORTUNITIES

Depressed economic situation expected to continue to place negative pressure on personal luxury over the forecast period
Players to focus on enhancing their e-commerce channels over the forecast period
Recovery in personal luxury expected no sooner than 2022-2023, providing players continue to adapt to the changed environment

CATEGORY DATA

Table 36 Sales of Personal Luxury by Category: Value 2015-2020 Table 37 Sales of Personal Luxury by Category: % Value Growth 2015-2020 Table 38 NBO Company Shares of Personal Luxury: % Value 2015-2019 Table 39 LBN Brand Shares of Personal Luxury: % Value 2016-2019 Table 40 Distribution of Personal Luxury by Format: % Value 2015-2020 Table 41 Forecast Sales of Personal Luxury by Category: Value 2020-2025 Table 42 Forecast Sales of Personal Luxury by Category: % Value Growth 2020-2025

Designer Apparel and Footwear (Ready-To-Wear) in Russia

KEY DATA FINDINGS

2020 IMPACT

Store closures and a depressed economy as a result of COVID-19 place negative pressure on designer apparel and footwear (ready-to-wear)
Weakened Russian ruble places additional downwards pressure on imported luxury goods
Mercury Group maintains its unchallenged lead, thanks to myriad designer brands

RECOVERY AND OPPORTUNITIES

Slow recovery of real disposable incomes set to continue to place negative pressure on the category over the forecast period
Players set to focus on enhancing their online presence to boost sales
Both in-country and global control of COVID-19 required before the category can recover to any notable degree

CATEGORY DATA

Table 43 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2015-2020 Table 44 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2015-2020 Table 45 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2015-2019 Table 46 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2019 Table 47 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2015-2020 Table 48 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2020-2025 Table 49 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2020-2025

Luxury Eyewear in Russia

KEY DATA FINDINGS

2020 IMPACT

Luxury eyewear negatively impacted by store closures and lack of tourist sales due to COVID-19 restrictions
Hike in unit prices places extra negative pressure on luxury eyewear
Gucci Rus maintains lead and continues to gain shares in highly fragmented category

RECOVERY AND OPPORTUNITIES

Slow recovery of disposable consumer incomes set to continue to negatively impact luxury eyewear over the forecast period
Players set to focus on e-commerce channels to re-stimulate sales
Recovery of sales in luxury eyewear expected no sooner than 2022-2023

CATEGORY DATA

Table 50 Sales of Luxury Eyewear by Category: Value 2015-2020 Table 51 Sales of Luxury Eyewear by Category: % Value Growth 2015-2020 Table 52 NBO Company Shares of Luxury Eyewear: % Value 2015-2019 Table 53 LBN Brand Shares of Luxury Eyewear: % Value 2016-2019 Table 54 Distribution of Luxury Eyewear by Format: % Value 2015-2020 Table 55 Forecast Sales of Luxury Eyewear by Category: Value 2020-2025 Table 56 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2020-2025

Luxury Jewellery in Russia

KEY DATA FINDINGS

2020 IMPACT

Luxury jewellery sees negative impacts from the increase in gold prices, further compounded by impacts from COVID-19
Luxury fine jewellery considered as an investment tool in times of economic uncertainty
RLG maintains company lead, whilst Tiffany & Co tops the list in brand terms

RECOVERY AND OPPORTUNITIES

Slow economic recovery will continue to negatively impact sales over short-term forecast period
Players set to focus on e-commerce channels and distanced sales strategies
Recovery of sales in luxury jewellery expected no sooner than 2022-2023

CATEGORY DATA

Table 57 Sales of Luxury Jewellery by Category: Value 2015-2020 Table 58 Sales of Luxury Jewellery by Category: % Value Growth 2015-2020 Table 59 NBO Company Shares of Luxury Jewellery: % Value 2015-2019 Table 60 LBN Brand Shares of Luxury Jewellery: % Value 2016-2019 Table 61 Distribution of Luxury Jewellery by Format: % Value 2015-2020 Table 62 Forecast Sales of Luxury Jewellery by Category: Value 2020-2025 Table 63 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2020-2025

Luxury Leather Goods in Russia

KEY DATA FINDINGS

2020 IMPACT

Lockdowns, home-working, a decline in social occasions, and restrictions on travel all lead to a compounded negative impact on luxury leather goods
Depressed economy and currency volatility place additional negative pressure on imported luxury goods
Louis Vuitton maintains lead, whilst Longchamp closes its Russian flagship store in 2020

RECOVERY AND OPPORTUNITIES

Slow economic recovery will continue to negatively impact sales over short-term forecast period
Players set to focus on strengthening their online presence and developing their e-commerce channels
Recovery of sales in luxury leather goods expected no sooner than 2022-2023

CATEGORY DATA

Table 64 Sales of Luxury Leather Goods: Value 2015-2020 Table 65 Sales of Luxury Leather Goods: % Value Growth 2015-2020 Table 66 NBO Company Shares of Luxury Leather Goods: % Value 2015-2019 Table 67 LBN Brand Shares of Luxury Leather Goods: % Value 2016-2019 Table 68 Distribution of Luxury Leather Goods by Format: % Value 2015-2020 Table 69 Forecast Sales of Luxury Leather Goods: Value 2020-2025 Table 70 Forecast Sales of Luxury Leather Goods: % Value Growth 2020-2025

Luxury Portable Consumer Electronics in Russia

KEY DATA FINDINGS

2020 IMPACT

Already weak category sees additional downwards pressure as a result of reduced consumer spending power and fewer on-the-go requirements
Limited consumer audience sees declines in salaries and lower spending power, placing additional negative pressure on sales
Citizen Watch Co maintains leading place thanks to Frederique Constant brand winning shares from other players

RECOVERY AND OPPORTUNITIES

Slow economic recovery expected to continue to negatively influence sales
Luxury consumer portable electronics likely to step into the fashion-resale category, which is a booming trend over time
Consumers to remain loyal to the leading brands and latest models

CATEGORY DATA

Table 71 Sales of Luxury Portable Consumer Electronics by Category: Value 2015-2020 Table 72 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2015-2020 Table 73 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2015-2019 Table 74 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2016-2019 Table 75 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2015-2020 Table 76 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2020-2025 Table 77 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2020-2025

Luxury Timepieces in Russia

KEY DATA FINDINGS

2020 IMPACT

Uncertain economic conditions due to COVID-19 deters consumers from purchasing luxury timepieces
Unit prices dictate the declines or successes of sales in luxury timepieces, with middle class consumer incomes hit the hardest
Mercury Group maintains its lead, whilst players adapt their sales and trade strategies to the changed environment

RECOVERY AND OPPORTUNITIES

Slow economic recovery will continue to negatively impact sales over short-term forecast period
Players set to focus on strengthening their online presence and developing their e-commerce channels
Recovery of sales in luxury timepieces remains dependent on overcoming COVID-related impacts

CATEGORY DATA

Table 78 Sales of Luxury Timepieces by Category: Value 2015-2020 Table 79 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020 Table 80 NBO Company Shares of Luxury Timepieces: % Value 2015-2019 Table 81 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019 Table 82 Distribution of Luxury Timepieces by Format: % Value 2015-2020 Table 83 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025 Table 84 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2020-2025

Luxury Writing Instruments and Stationery in Russia

KEY DATA FINDINGS

2020 IMPACT

Luxury writing instruments and stationery shows negative performance due to store closures and a decline in tourist sales
Consumers turn to e-commerce, however the category faces challenges from increasing digitisation
Montblanc maintains its lead thanks to high brand awareness and innovative marketing strategies

RECOVERY AND OPPORTUNITIES

Slow economic recovery will continue to negatively impact sales over short-term forecast period
Players set to place stronger focus on e-commerce channels over the forecast period
Recovery of sales in luxury writing instruments and stationery remains dependent on overcoming COVID-related impacts

CATEGORY DATA

Table 85 Sales of Luxury Writing Instruments and Stationery: Value 2015-2020 Table 86 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2015-2020 Table 87 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2015-2019 Table 88 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2016-2019 Table 89 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2015-2020 Table 90 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2020-2025 Table 91 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2020-2025

Super Premium Beauty and Personal Care in Russia

KEY DATA FINDINGS

2020 IMPACT

Closures of specialist beauty retailers and decline in tourist sales negatively impacts sales
Consumer demand switches away from colour cosmetics and towards skin care
Seldico maintains company lead, although its individual brands are unable to compete with Chanel

RECOVERY AND OPPORTUNITIES

Slow economic recovery will continue to negatively impact sales over short-term forecast period
All players set to focus on enhancing their online platforms over the forecast period
Recovery of sales in super premium beauty and personal care remains dependent on overcoming COVID-related impacts

CATEGORY DATA

Table 92 Sales of Super Premium Beauty and Personal Care by Category: Value 2015-2020 Table 93 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2015-2020 Table 94 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2015-2019 Table 95 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2016-2019 Table 96 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2015-2020 Table 97 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2020-2025 Table 98 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2020-2025
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This report originates from Passport, our Luxury Goods research and analysis database.

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