The collapse of Credit Suisse in March 2023 and its later purchase by rival UBS underpins the state of the Swiss market and revised perceptions of what used to be considered a stable financial centre. The instability within the Swiss financial sector has undoubtedly impacted domestic spending in the luxury market.
In spite of headwinds arising from the cost-of-living crisis, inflation, the war in Ukraine and supply chain issues, growth in sales of luxury goods was positive in 2023. Switzerland is also home to numerous affluent adults, with around 756,500 calling the country home, accounting for an 11% share of the total population.
Competition among industry players remains intense within luxury goods. With consumers making more mindful consumption choices, luxury players are putting value creation at the forefront of innovation, ensuring that the products and services they sell are attractive to consumers.
Digitalisation is reshaping the luxury retail landscape, transforming the way consumers engage with luxury brands and retailers and also influencing how they shop. This means that physical retailers are having to become more competitive and change their outlets to attract consumers who are increasingly turning to the web when buying luxury items.
A rosy future is predicted for luxury goods, with demand that built up during the pandemic likely to result in increased luxury goods purchases during the forecast period. Retail sales of luxury goods in Switzerland are predicted to increase at a moderate CAGR in current value terms over the forecast period.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Switzerland 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:
If you're in the Luxury Goods industry in Switzerland, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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