Personal luxury saw significant retail volume and current value declines in 2020 as a result of COVID-19. The temporary closure of non-essential stores was key, as for many luxury goods consumers, the experiential pleasure of visiting a store is a key part of the purchase.
Even before the pandemic, domestic retail expenditure dominated personal luxury, accounting for two thirds of sales, but this share rose sharply as travel was restricted and international expenditure was therefore limited. Although some opening up of the country for travel has been seen in 2021, the share of domestic sales within overall expenditure is not expected to fall.
E-commerce saw a sharp increase in its share of value distribution in 2020, as non-essential store-based retailers were temporarily shut, and consumers had little other option if they wanted to purchase personal luxury goods. However, in-store shopping is favoured by many consumers, as they enjoy the whole purchasing experience for luxury goods.
Personal luxury is expected to see strong although slowing retail current value growth in Switzerland in the forecast period as the economy reopens. However, value sales are not set to return to the pre-pandemic level until 2024, which reflects the impact of the pandemic on both domestic and international consumers.
Before the pandemic, tourists generated an important share of revenues for brands in personal luxury, especially in categories such as luxury timepieces and jewellery. Despite the reopening of the economy, long-distance flights are still highly restricted, with intense measures that discourage consumers from shopping in Switzerland.
Personal luxury in Switzerland is expected to witness strong unit price increases in the coming years. The higher cost of production and unpredictable supply chain disruptions will partly justify this trend.
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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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