Retail constant value sales (2022 prices) of luxury goods grew for the first time in three years during 2022 but remained well below their pre-pandemic level. The performance of luxury goods in Spain depends to a large extent on tourists visiting from Asian and Latin American countries, as well as Russia and the Middle East.
One positive side effect of mounting inflation for luxury goods is that they are increasingly perceived as an investment. This is particularly the case for premium and luxury cars and luxury timepieces, which tend to hold their value quite well and are relatively liquid.
The competitive landscape in luxury goods continues to be led by international players, such as LVMH Moët Hennessy Louis Vuitton SA in designer apparel and footwear (ready to wear) and luxury leather goods and Daimler AG in premium and luxury cars. The most prominent local player is Puig SL in super premium beauty and personal care.
E-commerce continues to grow in importance as a distribution channel for luxury goods and now has a double-digit share in most categories. Local consumers are becoming increasingly comfortable shopping for luxury goods online, appreciating the wide product offer and convenience of this channel.
Retail constant value sales of luxury goods will continue to recover throughout the forecast period but will remain below their pre-pandemic peak even at the very end of it. The pace of recovery will largely depend on two factors – the speed at which inbound tourism recovers to its pre-pandemic level and the state of the domestic economy – most notably how quickly the current wave of inflation dissipates.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Spain with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Spain, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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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