Overall personal luxury is set to return to the 2019 level of current value sales in 2024, mainly due to the gradual return of international tourists to Italy, which in the pre-pandemic period were responsible for nearly one third of total sales. However, volume sales in several categories are expected to remain below the pre-pandemic levels throughout the forecast period, due to luxury consumers (especially ultra-high net worth individuals and high net worth individuals) increasingly looking for exclusivity and opting for unique luxury items with higher prices.
Despite the dynamic development seen over 2020-2022, e-commerce is expected to continue to gain ground in the distribution of personal luxury goods in the forecast period. The changes brought to consumers’ lifestyles by COVID-19 restrictions accelerated the expansion of online sales, which is set to reach a double-digit share of sales in all personal luxury categories, reaching almost a third of overall value sales in some categories by the end of the forecast period.
Nonetheless, physical retail will remain the key channel for sales of personal luxury goods in the forecast period. Brands are expected to continue to focus on directly-owned stores, at the expense of wholesale, in order to have more control of the luxury image linked to their brands.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Italy 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.
If you're in the Personal Luxury industry in Italy, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This is an aggregation of Designer Clothing and Footwear (Ready-to-Wear), Luxury Eyewear, Luxury Jewellery, Luxury Timepieces, Luxury Leather Goods, Luxury Writing Instruments and Stationery, Luxury Portable Consumer Electronics and Super Premium Beauty and Personal Care.See All of Our Definitions
This report originates from Passport, our Personal Luxury research and analysis database.
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