The performances of the product areas in personal luxury during 2020 vary greatly, with some product areas not as severely hit by COVID-19 as others. The discretionary nature of personal luxury goods renders them especially vulnerable to economic slumps.
There have been no restrictions or lockdowns in Sweden. Similarly, there have been no mandated store closures, with the Public Institute of Health instead publicly making recommendations that stores try to maintain distances between customers and try to limit the number of people in a store at any one time.
Affordable luxury brands such as Filippa K, Acne, Hugo Boss and Ralph Lauren account for a large share of overall sales. However, in addition to the effect of COVID-19 especially in the first quarter of 2020, some brands have been struggling due to the frequent discounting in certain product areas, which creates an even wider price gap between the discounted brands and the luxury brands that are not as frequently available at a discount.
Recovery in personal luxury is expected to be slow and not before the end of the forecast period. Swedish consumers are likely to be much more mindful of their spending in a context of economic uncertainty.
Internet retailing grew in importance during the pandemic in 2020. This trend is expected to continue over the forecast period thanks to stronger consumer trust in the channel.
Many Swedish consumers are becoming increasingly interested in experiential luxury over material luxury goods. For example, prior to COVID-19, the restaurant industry in Sweden had been recording strong growth, with locals increasingly enjoying fine dining.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Sweden with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Personal Luxury research and analysis database.
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