Luxury goods is set to experience double-digit current value growth in 2022 as the UK has lifted its pandemic-related restrictions. The return to more normal levels of lifestyles is leading to a more positive outlook which is boosting consumer confidence to make discretionary purchases again, and thereby encouraging a return to luxury stores.
Luxury goods manufacturers are seeing positive sustained interest from local consumers for designer goods and luxurious lifestyles as part of a pandemic-accelerated trend towards celebrating life and living for the moment, which is fuelling revenge spending or “dopamine spending” on luxury goods. Considering that consumers were unable to spend as they normally would have on eating out and travel for two years, accrued disposable incomes are helping to fuel the rebound in sales of luxury goods.
Luxury goods is concentrated among leading global manufacturers present including LVHM and Richemont. As they awaited an easing of restrictions, these two luxury giants continued to invest in new product development and digital interaction during the pandemic, both through marketing and activism, allowing for continual consumer engagement and a swift recovery in demand.
Luxury goods continue to gain traction via e-commerce platforms as a result of behaviour accelerated by the pandemic, such as a dependence on online shopping during periods of store closures and social distancing measures. As a result, local consumers are increasingly comfortable with shopping for luxury goods online, mainly on brand-owned websites but also on platforms such as Farfetch.
Luxury goods is predicted to enjoy a positive outlook as a result of the reopening of society and a lifting of restrictions in early 2022. Since restrictions relaxed in the UK in the latter half of 2021, local consumers have a embraced a more positive outlook on life which has led to increased enthusiasm for spending on luxury goods, which will likely continue due to consumers wanting to enjoy life after the difficulties of the pandemic years.
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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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