Radiography of the new universe of luxury
We share this report from Eduardo Inastorza (EAE Business School) which outlines the evolution, the present of the sector in figures, the protagonists, the consumers and the view towards the future.
Luxury: A rising value
The luxury sector, worldwide, has been able to maintain a sustained and constant growth throughout the last twenty years, even tripling its value (from 97 to 262 billion Euros).
This sector only experienced a small setback with the crisis at the beginning of the century (between 2008 and 2009 it went from 170 to 153 billion euros) but it only took two years to recover its growth. The effects of the crisis were felt to a much lesser degree than the rest of the economy, thus proving that luxury is a powerful value-refuge.
Stable scenarios
The traditional scenarios in the luxury sector remain the same: Western Europe and North America with Asia coming in strong. Between the three of them, they account for more than 80% of the total. The rest of the world is growing, but in a smaller proportion and from significantly lower figures.
It is worth noting the enormous momentum in Asia, especially due to the growth of the Chinese economy. This country, together with South Korea, Japan, Taiwan, Singapore and India, not only consumes luxury, but is also the largest producer, with powerful emerging brands, especially in the telecommunications, transport and leisure sectors.
Luxury "made in Europe"
The consumption categories of luxury products remain stable. The automobile remains the undisputed king and its best calling card in the world.
Other products added to the category of "personal luxury goods" represent the other big bite of "the cake". Together they make up over 80% of the total. The good news for Europe is that most of these goods also correspond to brands "made in Europe" as we will see in later tables that talk about the protagonists of the sector.
Download the full report
Click on the link below to download the full report in PDF format:
Photo: Jeremy Beadle on Unsplash
