Luxury Goods Retail Sales in Europe Generated US$116.4 Billion in 2014

Date: 2015-12-03

Luxury goods retail sales in Europe generated US$116.4 billion in 2014. Many European countries are popular as tax free shopping destinations among tourists. Shoppers from other regions prefer to buy luxury products in Europe to save on huge import taxes. Chinese and Russian tourists are the biggest spenders, however, in recent years, the economic slowdown and currency devaluation coupled with government austerity measures on gift giving in China and the recession and Ruble depreciation in Russia has reduced the number of Chinese and Russian tourists and their spend in European countries resulting in slow growth.

– The UK will emerge as the largest market for luxury retailing by 2019, surpassing Italy and France

– Turkey is the fastest growing luxury market driven by rising disposable income, rapid urbanization, and changing demographics

– The luxury market in Russia is shattered amid recession and ruble depreciation

– Clothing remains the key category in most luxury markets across Europe, accounting for a 24.7% share in 2019, driven by the demand for new designer’s apparels from young fashion designers and international brands

– Jewelry is the fastest growing luxury category as it has an added advantage of being considered an asset amongst individuals, particularly for those affected by the recession, the upper middle class, HENRYs (high earners, not rich yet), and tourists from developing economies

– Techno-luxury in wearables and use of new in-store technologies to enhance consumer experience, are some of the new trends in luxury retailing

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