When looking at the luxury goods industry in Germany, it comes as no surprise that luxury travel goods was amongst the worst affected categories. Due to travel restrictions and overall fear amongst consumers about travelling, sales in this category dropped considerably throughout the beginning of the pandemic in 2020.
E-commerce, despite losing slight percentage share of overall distribution in 2021, registered impressive value growth. Whereas in 2020 it saw only a slow increase in sales but a strong increase in share, sales growth moved into the double digits in 2021, even though store-based retailing reopened after the first months of the year being in lockdown.
Luxury leather goods had been increasing strongly in Germany in the decade prior to the pandemic, even registering double-digit growth on several occasions. Such a performance was thus expected to continue by most players, and they were caught off-guard when consumers were unable to shop, whether for financial reasons or simply because bricks-and-mortar retailers were closed.
The stable and positive outlook of the German economy is expected to widely benefit the population in Germany, which is set to see an increase in purchasing power over the coming years, especially amongst higher-income individuals. This group contributes strongly to sales of luxury leather goods in the country, and these consumers largely leverage the growth of this category in luxury goods.
Department stores in Germany are widely known and popular amongst German shoppers, and historically they represented a big part of retail sales within luxury goods. With several department stores specifically operating in the luxury segment, luxury leather goods were in the pre-pandemic world doing fairly well in this channel.
In the pre-pandemic years, concentration within luxury leather goods was increasing at an astonishing pace. The increasing demand for brands from the major players was felt both from local consumers and especially international consumers.
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Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Germany with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury Leather Goods
This is the aggregation of luxury bags and small leather goods and luxury travel goods.See All of Our Definitions
This report originates from Passport, our Luxury Leather Goods research and analysis database.
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