2021 was a favourable year for personal luxury in Russia. Among the main factors behind this were the fact Russia’s borders remained closed until April, thus limiting the ability of Russians to go abroad to shop for luxury goods.
Digitalisation is gaining momentum in personal luxury in Russia. Prior to the outbreak of COVID-19 digitalisation was not a key focus for luxury brands, but the challenges created by the pandemic helped drive a shift in perspective.
Luxury jewellery was the most dynamic category within personal luxury in 2021. Sales of these products continued to benefit from global travel restrictions and tight border controls, which made it complicated to go abroad even once borders reopened to international travel.
The reopening of global borders and an uptick in international travel is expected to lead to slower growth in sales of personal luxury over the forecast period. Some local consumers will likely return to spending on travel and entertainment, as well as purchasing luxury goods when travelling abroad.
Players are set to continue focusing on developing their e-commerce offer over the forecast period. This could include enhancing their search engine optimisation for their online stores, as well as improving delivery services and simplifying merchandise returns.
Mercury Group increased its lead in personal luxury in 2020, thanks to the player’s large portfolio of personal luxury brands which it distributes in Russia. Its brands include leading luxury names such as: Dolce & Gabbana; Gucci; Rolex; Burberry; Armani Jeans; Bottega Veneta; Giorgio Armani; Ralph Lauren; Bvlgari; and more.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Russia 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 Russia, 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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