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Learn moreFeb 2020
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South Africa’s real GDP growth decelerated to a minimal level in 2019, while consumer spending suffered from sluggish rises in disposable income and tightening credit restrictions, causing many luxury shoppers to postpone purchases or consider the growing second-hand market instead. In addition to economic woes, trading conditions have been worse for luxury goods, given the evolution of new disruptive business models and more aggressive competition across distribution channels, such as the emergence of pure online players with cheaper prices.
In previous years, luxury goods was more dynamic than in 2019, with new shopping centre openings and luxury brands such as Jimmy Choo entering through mono-brand stores. However, economic turbulence has since led to volume sales declines and a greater focus on price promotions.
In comparison with international markets for luxury goods, such as the UK and the US, South Africa is still small. There is still much scope for growth, especially as South Africa is often considered a stepping stone into the wider African continent.
Multi-brand stores (boutiques) remain the main channel of distribution for luxury goods. Although there are more mono-brand stores now present in the country, there is a higher concentration of such shops in Sandton City, which is touted as the luxury shopping hub of Africa.
South Africa’s economic outlook is modest but improving with the recent change in government. GDP growth should gradually rise over the forecast period and in turn consumer confidence.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Luxury Goods industry in South Africa with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Goods industry in South Africa, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.