Luxury Goods

The impact of the pandemic on the apparel and footwear industry has been such that market players are now reassessing standard operating procedures in place, from manufacturing to retail, as they need to adapt to new post-pandemic consumer lifestyles…

The Asian consumer is changing. Traditional values that served the collective in terms of both society and the family are on the wane, with COVID-19 lockdowns accelerating a new focus on individualism and the self. This report explores how Asian…

As e-commerce growth rates slow from historic highs, the online channel is no longer a rising tide for all categories and brands. While potential exists with e-commerce accounting for 50% of retail’s expected growth in the next five years, retailers…

The COVID-19 pandemic, the cost-of-living crisis and high inflation continue to have a substantial impact on affluent populations, their wealth and their spending habits on luxury goods. The top wealth segments stand out now more than ever before,…

In the upcoming years, consumers and businesses face an array of challenges, with income inequality, mass migration and rising uncertainty about another crisis being among the major ones. Nevertheless, within this lie untapped opportunities. This…

After almost three years of a global pandemic and political and racial tensions increasing around the globe, issues surrounding Diversity, Equity, and Inclusion (DEI) have become more critical for luxury and fashion businesses to address, than ever…

The luxury travel landscape has been transformed, driven by digital and sustainable innovation, changing consumer values and wealth expansion. It is vital to understand the new face of luxury travellers that is ever-more diverse, demanding and…

Regulators are increasingly focused on taking action to address the environmental impact of consumer and corporate behaviour, and sustainability legislation will become an ever more prominent feature of the operating landscape for business, across…

Despite macroeconomic adversity on a global scale, tourist demand was on the rise in 2023 as growing numbers of foreign visitors decided to take their holidays in Argentina. This represents an improvement on 2021 and 2022, when travel restrictions…

Tourism levels in Australia showed signs of recovery in 2023, despite the macroeconomic backdrop of high inflation and rising food and fuel costs triggered by the war in Ukraine. This represented an improvement on 2021 and 2022, when restrictions…

Tourist visitor levels in Brazil were continuing to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. There were 5.5 million inbound arrivals in Brazil in 2023, up from 3.6…

Consumer demand has clearly shifted away from manufactured consumer goods towards experiences and services in Canada. Due to this, experiential luxury is set to see current value growth of 13% to total CAD1.5 billion in 2023. Sales have been boosted…

Tourist arrivals in China were seen to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This was an improvement on previous years, when the pandemic prevented people from…

France’s luxury travel and hospitality industry was firmly on the path to recovery in 2023, with another year of very strong growth seen in this year. However, given this category lost almost three quarters of its sales in 2020, when the pandemic…

Following the loss of inbound arrivals due to restrictions on travel during the pandemic, tourist visitor levels in Germany were continuing to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of…

Despite macroeconomic adversity on a global scale, tourism demand was on the rise in 2023, with a growing number of visitors taking their holidays in Hong Kong. This represented an improvement on 2021 and 2022, when restrictions related to COVID-19…

Despite consumer spending power and their desire to travel being impacted by a number of global and domestic issues, including higher living costs, unprecedented inflation levels and uncertainties deriving from the war in Ukraine, India has seen a…

Tourist visitor levels in Indonesia were seen to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This is an improvement on previous years when the pandemic was preventing people…

Tourist visitor levels in Italy were seen to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This is an improvement on previous years when the pandemic was preventing people…

Despite macroeconomic adversity on a global scale, demand from tourists was on the rise in 2023, with a growing number of visitors taking their holidays in Japan. This was an improvement on previous years, when the pandemic prevented people from…

Despite macroeconomic adversity on a global scale, tourist demand in 2023 was on the rise, with a growing number of visitors taking their holidays in Malaysia. Consumer demand has also been shifting from manufactured goods back towards services now…

The Mexican market is seeing a consumer shift towards spending on more rewarding experiential activities than on material goods. Due to this, value sales of experiential luxury grew by 16% to total MXN121.8 billion in 2023, boosted by a return to…

Tourist visitor levels in Poland recovered in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This was an improvement on previous years when the pandemic prevented people from travelling.…

Tourist visitor levels in Romania recovered in 2023, despite global macroeconomic pressures like high inflation and the rapid escalation of living costs. International tourism increased by 40% January-July compared with the corresponding period in…

Tourist visitor levels in Singapore were seen to rebound in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This represented an improvement on 2021 and 2022, when restrictions related to…

Tourism levels in South Africa showed signs of recovery in 2023, despite the macroeconomic backdrop of high inflation and rising food and fuel costs triggered by Russia’s war in Ukraine. This represents an improvement on 2021 and 2022, when…

Consumer demand has been shifting from manufactured goods back towards services. Due to this, value sales of experiential luxury grew by 13% to amount to KRW642 million in 2023, boosted by wealthier individuals resuming their normal activities,…

Tourism levels in Spain showed signs of recovery in 2023, despite the macroeconomic backdrop of high inflation and rising food and fuel costs triggered by the war in Ukraine. This represents an improvement on 2021 and 2022, when restrictions related…

Despite macroeconomic adversity on a global scale, tourism in 2023 was on the rise, with a growing number of visitors taking their holidays in Sweden. The number of foreign tourists in Sweden increased significantly in spring. In the big cities, it…

Tourist visitor levels in Switzerland recovered in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This is an improvement on previous years when the pandemic prevented people from…

Consumer demand has been shifting from manufactured goods back towards services. As a result, value sales of experiential luxury increased by 36% to amount to TWD6.3 billion in 2023, boosted by wealthier individuals resuming normal activity, such as…

The restrictions imposed on inbound tourism by the Thai Government in an effort to limit the spread of COVID-19 had a severe negative impact on the travel industry, including hotels. Experiential luxury, which is dominated by luxury hotels, saw its…

Tourist visitor levels in the Netherlands recovered in 2023, despite global macroeconomic pressures, such as high inflation and the rapid escalation of living costs. This represents an improvement on 2021 and 2022, when restrictions related to…

Despite macroeconomic adversity on a global scale, tourist demand in 2023 was on the rise, with a growing number of visitors taking their holidays in the Philippines. This represents an improvement on 2021 and 2022, when restrictions related to…

Retail current value sales of experiential luxury grew in 2021 and 2022, when restrictions related to the Coronavirus (COVID-19) pandemic were still impacting travel. There is also a desire amongst consumers to spend on experiences rather than…

Tourist visitor levels in the UK were seen to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This was an improvement on previous years, when the pandemic prevented people from…

Despite consumers’ overall spending power being affected by numerous domestic and global issues, including rising inflation, uncertainties due to the war in Ukraine, and overall increased living costs, the US has seen a return of tourists in 2023.…

Tourist visitor levels in Turkey were seen to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This represented an improvement on 2021 and 2022, when restrictions related to the…

Value sales of fine wines/champagne and spirits grew by more than 100% to total ARS14 billion in 2023, with demand boosted by the growing consumer appetite for experiences and enjoyment during the post-pandemic era. Entertaining and socialising with…

Despite the disruption from the pandemic over the last three years, fine wine/champagne and spirits managed to post steady growth in Australia throughout this period, due to the strong demand for retail products to be enjoyed at home during the…

Although growth in current value terms slowed significantly in fine wines/champagne and spirits in Brazil in 2023, and even slipped into decline in volume and real value terms (at constant 2023 prices), this followed two years of very dynamic growth,…

Fine wines/Champagne and spirits is set to grow by 9% in current value terms to reach CAD3.0 billion in 2023 with sales boosted by a strong consumer appetite for experiences and enjoyment after the pandemic. Socialising over a drink with friends…

Value sales of fine wines/champagne and spirits grew by 9% to total CNY829.6 billion in 2023, boosted by consumers’ appetite for experiences and enjoyment after the pandemic. Socialising over a drink with friends remains a priority for many,…

Fine wines/champagne and spirits recorded one of its best value growth rates in a number of years in 2023. Even if, post-pandemic, timetables are structurally less rigid and stable, and meals are more unstructured, fine still wines have returned to…

Sales of fine wines/champagne and spirits in Germany have been on something of a mini rollercoaster since the pandemic hit the country in 2020. Prior to this year, sales of fine wines/champagne and spirits had been steadily growing by around 2-3% a…

Value sales of fine wines/champagne and spirits grew by 16% to total HKD1.1 billion in 2023, boosted by consumers’ desire to enjoy themselves after the pandemic. Enjoying a drink with friends remains a priority leisure activity, following the…

Value sales of fine wines/champagne and spirits grew by 9% to reach INR12.0 billion in 2023, boosted by a consumer desire to have fun and enjoy experiences after the pandemic. Socialising – both at home as well as in the on-trade – remains a priority…

Value sales of fine wines/champagne and spirits grew by 14% to total IDR90.2 billion in 2023, as a result of a consumer desire to have fun and enjoy experiences after the pandemic. Enjoying a drink with a meal at home or when relaxing remains a key…

Value sales of fine wines/champagne and spirits are set to grow by 12% in current terms to total EUR1.3 billion in 2023, boosted by consumers’ appetite for experiences and enjoyment after the pandemic. Entertaining and socialising with friends is a…

Value sales of fine wines/champagne and spirits grew by 8% to total JPY433.1 billion in 2023, boosted by consumers’ desire to enjoy themselves after the pandemic. Socialising over a drink with friends remains a priority pastime for many, following on…