Having plunged by more than a quarter during 2020, retail current value sales of personal luxury saw only a very partial recovery during 2021. International tourists are a major source of demand for personal luxury in Spain, so travel restrictions due to the pandemic – in addition to a reluctance to travel due to the risk of contagion – weighed heavily on demand.
Demand for personal luxury from local consumers also declined significantly during 2020 due to COVID-19. This was due to the economic shock of the pandemic, a reduction in socialising (particularly events like weddings, first communions and baptisms) and the fact that non-essential retail outlets were closed for an extended period.
Exclusivity and personalisation are growing in importance in personal luxury. For example, purchasers of Louis Vuitton leather products can have their initials printed on them.
The rate of growth in retail current value sales of personal luxury is set to accelerate during 2022 and remain robust for most of the remainder of the forecast period. A revival in international tourist arrivals, particularly from emerging markets, will be the main driver of this.
The fact that a growing number of affluent consumers are coming to value memorable experiences over personal luxury could negatively affect demand for the latter during the forecast period. Experiential consumption tends to be particular popular with younger consumers.
Demand for personal luxury among local consumers is set to remain relatively subdued, particularly during the early part of the forecast period. This is because Spain’s post-pandemic economic recovery is set to be relatively muted.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Spain 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.
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This report originates from Passport, our Personal Luxury research and analysis database.
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