In 2022, the majority of luxury goods in Switzerland will continue to perform well in both current retail value and retail volume terms, albeit lower than in 2021, due to high growth seen that year following the outbreak of COVID-19. In 2022, figures are set to be higher than the average seen across the review period.
Trends in 2022 include a clear shift towards companies and brands that offer more ethical practices. While products remain exclusive and of higher quality, an increasing amount of brands are sourcing and manufacturing sustainable goods, made from eco-friendly materials, having less of a negative impact on the environment and health through production processes.
Due to the high price points of luxury cars, Daimler AG retains its lead in the competitive landscape in 2021, followed by Volkswagen and BMW, with these players remaining in the top three ranking from the previous year. 2021 has seen no major changes within the competitive landscape, as most companies are continuing to adapt their practices to the new normal, following the outbreak of COVID-19.
Despite consumers returning to stored-based retailers, e-commerce sales will remain strong in 2022, continuing to grow. During the outbreak of COVID-19, many manufacturers expanded their e-commerce presence and stores, investing in updated technology to offer online fashion shows, showrooms, fitting rooms and professional consultations.
Consumers are set to return to pre-COVID-19 behaviours across the forecast period; however, some changes are likely to be expected. Foot traffic will increase over the coming years, with consumers being more willing to shop around and invest in spontaneous purchases.
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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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