Europe Luxury Retail Market Size, Trends, Regional and Category Performance, Brands and Forecast to 2027

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Europe Luxury Retail Market Report Overview

The Europe luxury retail market size was $109.8 billion in 2022. The market is expected to grow at a CAGR of more than 5% during 2022-2027. Since pop-up or concept store formats have lower startup costs and contribute to better brand recognition, European luxury retailers are investing in them and opening new stores in famous retail areas to increase their market presence. Moreover, luxury retailers are incorporating sustainability into their long-term strategies to tap the demand from consumers and stakeholders for sustainable products.

The Russia-Ukraine conflict has adversely affected retail operations in the European luxury market as major retailers had to cease operations in both countries. Moreover, luxury spending by Russian consumers has been limited due to strong sanctions placed on Russia.

Europe Luxury Retail Market Outlook 2022 – 2027 ($ Billion)

Europe Luxury Retail Market Outlook 2022 - 2027 ($ Billion)

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The Europe Luxury Retail market research report provides an overview of luxury retailing in Europe with analysis, market forecasts, brands, and trends in the market. It also includes the factors driving the market, the categories within the luxury retail market in Europe, the major countries in the region where the market is prevalent, and the latest developments that are taking place in the luxury retail market.

Market Size (2022) $109.8 billion
CAGR (2022-2027) >5%
Historical Period 2017-2022
Forecast Period 2023-2027
Key Categories ·        Clothing

·        Jewelry & Watches

·        Personal Care

·        Drinks

·        Accessories

·        Home Furniture and Homewares

·        Footwear

·        Luggage

Key Countries ·        Italy

·        Austria

·        Belgium

·        Bulgaria

·        Czech Republic

·        Denmark

·        Finland

·        France

·        Germany

Leading Luxury Brands ·        LVMH

·        Chanel

·        Kering

·        Richemont

·        Swatch Group

·        Hermès

·        Capri Holding

·        Prada

·        Burberry

·        Giorgio Armani S.p.A.

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Europe Luxury Retail Market Drivers

  • The expansion of the European luxury market is being significantly driven by the growing popularity of aspirational luxury products among young millennials and Gen Z. Consumers of these generations save money to spend on luxury products. As a result, the proportion of sales generated from them will increase during the forecast period.
  • Retailers are adopting technologies such as VR and AI to improve their customer engagement and shopping experience. This has greatly helped retailers attract next-gen shoppers to their offerings. Luxury retail brands are also using AR to enable consumers to virtually try-on products before they make the purchase.

Europe Luxury Retail Market Trends

The trends prevalent in the luxury retail market in Europe include digital expansion, pop-up formats or concept stores, sustainability, and a rise in luxury resale.

Digital Expansion: The growth of e-commerce amid the pandemic has been driving brands to ensure that their consumers have better digital shopping experiences. Hence, they are mostly focusing on the mobile commerce sector, as mobile phones are the most preferred devices to shop online. Technological advancements in AR have now enabled brands to integrate features such as virtual try-ons to replicate an alternate premium experience compared to the one provided at their physical locations.

Europe Luxury Retail Market Segmentation by Categories

Clothing had the highest value in the European luxury retail market in 2022.

The key categories in the European luxury retail market are clothing, jewelry & watches, personal care, drinks, accessories, home furniture and homewares, footwear, and luggage, among others. Clothing was followed by jewelry & watches and personal care in 2022. Moreover, luggage will register steep growth in the coming years due to a rise in tourism.

Europe Luxury Retail Market Analysis by Categories, 2022 (%)

Europe Luxury Retail Market Analysis by Categories, 2022 (%)

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Europe Luxury Retail Market Segmentation by Countries

Italy had the highest value in the European luxury retail market in 2022.

Some of the key countries in the Europe luxury retail market are Italy, Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, and Germany. The UK is expected to register a rebound from 2022 in the coming years, as consumers’ purchasing power recovers. Meanwhile, Hungary will have the highest growth rate during 2022-2027. It is imperative that luxury retailers enhance their presence in other markets in Europe to compensate for the reduction in sales caused by the Russia-Ukraine war. The growing cost of living crisis will also remain a primary concern for luxury players in the region.

Europe Luxury Retail Market Analysis by Countries, 2022 (%)

Europe Luxury Retail Market Analysis by Countries, 2022 (%)

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Europe Luxury Retail Market - Competitive Landscape

LVMH had the highest market revenue in 2022.

Some of the leading luxury brands in the Europe luxury retail market are:

  • LVMH
  • Chanel
  • Kering
  • Richemont
  • Swatch Group
  • Hermès
  • Capri Holding
  • Prada
  • Burberry
  • Giorgio Armani S.p.A.

The European luxury market is affected by soaring inflation which impacted the cost of raw materials, manufacturing, and transportation. Brands are facing supply chain challenges as well. Despite these challenges, most of the luxury retailers registered a recovery in sales in 2022.

Despite growing macroeconomic difficulties, LVMH produced notable results in FY2022. The retailer’s expansion of its store network and digital initiatives helped it attract consumers and keep them engaged. Additionally, the fashion & leather goods section of LVMH continued to outperform with significant growth in organic revenue.

Europe Luxury Retail Market Analysis by Brands, 2022 (%)

Europe Luxury Retail Market Analysis by Brands, 2022 (%)

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Europe Luxury Retail Market – Latest Developments

  • In June 2022, Burberry collaborated with Vertebrae, a Snap Inc. company that provides 3D and AR solutions, to create new AR assets for its Lola bags. This collaboration will enable customers to digitally position a true-to-scale replica of the brand’s iconic bag in their environment.
  • In 2023, Dior opened its first concept store in an upscale retail area in Hamburg, Germany. The building has a street side and a waterway side to attract shoppers as they can shop with a glimpse of the canal. The new concept store will feature clothing and accessories on its first and second floors, respectively.

Segments Covered in the Report

Europe Luxury Retail Market Categories Outlook (Value, $ Billion, 2017-2027)

  • Clothing
  • Jewelry & Watches
  • Personal Care
  • Drinks
  • Accessories
  • Home Furniture and Homewares
  • Footwear
  • Luggage

Europe Luxury Retail Market Countries Outlook (Value, $ Billion, 2017-2027)

  • Italy
  • Austria
  • Belgium
  • Bulgaria
  • Czech Republic
  • Denmark
  • Finland
  • France
  • Germany

Scope

  • Gain a comprehensive knowledge of the European luxury retail market and develop a competitive advantage
  • Investigate current trends in the Europe luxury retail market to identify the best opportunities to exploit
  • Analysis of key luxury retail players operating in Europe
  • Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the key consumer and technology trends influencing the luxury fashion market in the Europe region

Key Highlights

  • The Russia-Ukraine conflict has adversely affected retail operations in the European luxury market as major retailers had to cease operations in the two countries.
  • The traditional stores of luxury products are important for customers due to the experience factor. European luxury retailers are investing in pop-ups/concept stores and trying to increase their presence in the market by opening new stores in famous retail areas.
  • Luxury retailers are incorporating sustainability into their long-term strategies to tap the demand from consumers and stakeholders for sustainable products.
  • Digital channels are playing an important role in the region to improve luxury sales after the pandemic, as consumers are more active online now than before.

Reasons to Buy

  • Gain a comprehensive knowledge of the European luxury retail market and develop a competitive advantage
  • Investigate current trends in the Europe luxury retail market to identify the best opportunities to exploit
  • Analysis of key luxury retail players operating in Europe
  • Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the key consumer and technology trends influencing the luxury fashion market in the Europe region

LVMH
Chanel
Kering
Richemont
Swatch
Hermès
Capri Holdings
Prada
Burberry
Giorgio Armani

Table of Contents

Executive Summary

Drivers and Inhibitors

Key Trends in the Luxury Retail Market

Europe Market Size & Forecasts 2017–2027

Regional Performance & Forecasts 2017-2027

Category Performance & Forecasts 2017-2027

Competitive Landscape: Top 10 Brands

Competitive Landscape: Brand Profiles

Methodology

Frequently asked questions

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