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Luxury Goods in South Africa

March 2021
USD 1,210
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Overview:

Understand the latest market trends and future growth opportunities for the Luxury Goods industry in South Africa 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 South Africa, 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 South Africa 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 South Africa?
  • Which are the leading brands in Luxury Goods in South Africa?
  • How are products distributed in Luxury Goods in South Africa?
  • How important is tourism in evaluating demand for Luxury Goods in South Africa?
  • 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 South Africa

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Travel restrictions on international and interprovincial travel limit tourist activities
High-end restaurants struggle due to the ban on alcohol sales
Luxury accommodation forced to temporarily close due to a lack of customers

RECOVERY AND OPPORTUNITIES

Travel and tourism set to be affected until the virus is controlled
Permanent closures unless target market can shift to catering to the local market
Expanding the consumer base could help luxury players to survive

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

International and interprovincial travel restrictions lead to decline
Hotel vacancies rise despite use for COVID-19 isolation
Staff layoffs and pay cuts are the new reality as hotels struggle to make ends meet

RECOVERY AND OPPORTUNITIES

Innovative and local solutions needed to prevent permanent hotel closures
Reassessment of travel culture could drive growth in luxury hotels
Hotel packages catering to middle-income local audiences could help with survival

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Ban on distribution and sale of alcohol negatively impacts sales and investment
Import and export trade impacted by continued local alcohol trade ban
Culture of fine wines/champagne and spirits grows despite COVID-19

RECOVERY AND OPPORTUNITIES

Volume sales to see a slow return to growth due to threat from counterfeit sales
Potential new laws may impact fine wines/champagne and spirits
Decline in investments could continue over the forecast period

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Deepening of recession hampers consumer spending
Local vehicle production halted during second quarter at the pandemic’s peak
Mercedes Benz and BMW remain leading luxury car brands

RECOVERY AND OPPORTUNITIES

COVID-19 affects the path to luxury car purchases, but this may not endure
Record-low interest rates will allow for increased price discounts
Underperformance and lacklustre demand forecast to continue

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Personal luxury stores close during COVID-19 lockdown, hitting sales
Economic impact of COVID-19 and loss of aspirational consumers also affect sales
Brands have to adapt to the COVID-19 lockdown regulations

RECOVERY AND OPPORTUNITIES

Economic problems will hamper recovery
Fewer business and social interactions will affect sales
Contactless shopping innovations expected for personal luxury shoppers

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Closure of apparel and footwear stores during the lockdown causes sales losses
Other factors also affect sales
With a portfolio of favourite brands, Surtee has a commanding lead

RECOVERY AND OPPORTUNITIES

Slow value recovery as the COVID-19 pandemic stabilises
Recovery of designer apparel and footwear facilitated by strong brand heritage
Celebrity and influencer associations with luxury designer brands to maintain interest

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Luxury eyewear suffers a strong decline due to COVID-19-related store closures
Luxury eyewear negatively impacted by lack of seasonal use and influencer trends
Luxottica leads a highly fragmented category

RECOVERY AND OPPORTUNITIES

Slow return to growth, with sales not reaching the pre-pandemic level by 2025
The struggle to regain sales will impact brands and lead to promotions
Fashion trends to continue influencing luxury eyewear over the forecast period

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Luxury jewellery declines due to store closures during COVID-19 lockdown
Lack of international tourist arrivals due to COVID-19 contributes to decline
Browns marries culture with class

RECOVERY AND OPPORTUNITIES

No recovery of volume growth in the forecast period
Potential changes in the competitive landscape as new partnerships are formed
Offering customisable services may be a distinct advantage

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Tourist arrivals plunge due to COVID-19, which contributes to decline
The second-hand market provides a challenge to brand new products
Reputation counts, as local names struggle to compete

RECOVERY AND OPPORTUNITIES

Volume sales not set to return to growth in the forecast period
Sales to aspirational consumers likely to be most affected
Pent-up demand to limit the volume decline in luxury travel goods

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Border closures reduce sales to international tourists but locals purchase in-country
Store closures and lower incomes also negatively impact sales
Luxury mobile phones is the only notable category

RECOVERY AND OPPORTUNITIES

After a release of pent-up demand, a return to decline
Competition from high-end smartphones
Continued absence of luxury wearables due to lack of availability

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Store closures, consumer concern and border closures lead to strong decline
Middle-income aspirational consumers rein in their spending
Cie Financière Richemont maintains its lead with several strong brands

RECOVERY AND OPPORTUNITIES

Return to growth from 2022, but sales will remain low compared with 2019
Return of tourism likely to lead to a reversal of 2020 trends
A rising challenge from second-hand timepieces

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Store closures and lack of desire to browse contribute to decline
Working from home and less corporate gifting also affect the category performance
Montblanc leads thanks to offering a wide price range and omnichannel distribution

RECOVERY AND OPPORTUNITIES

Volume decline in the forecast period as incomes fall and priorities change
Challenges to growth from second-hand items and other luxury categories
Growth of e-commerce likely, although from a low base

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 South Africa

KEY DATA FINDINGS

2020 IMPACT

Strong variations between category performances
Aspirational consumers are hit hard and retailers thus run promotional campaigns
Lack of impulse purchases and lack of trials negatively impact sales

RECOVERY AND OPPORTUNITIES

Declines set to continue, but consumers will prioritise skin care
Slow return of tourists and growth of e-commerce
Products for darker skin are now available, but limited incomes may hamper growth

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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