Retail value sales of luxury goods in Australia increased by 5% in 2023 in current terms, amounting to AUD24.3 billion.
Sales growth within luxury goods was positive during 2023, despite headwinds caused by the cost-of-living crisis, inflation, and the war in Ukraine. Australia is home to a high number of affluent individuals, accounting for an 8% share of the population overall.
Luxury goods remains highly competitive. With consumers thinking more about what they spend their money on, luxury players are focusing more on creating innovative products that offer consumers value, ensuring the affordability of their product and service portfolios.
Luxury retail is seeing significant changes, as digitalisation leads consumers to shop more online and engage with retailers and brands in a different way. This means that physical retailers are having to become more competitive and change their outlets to attract consumers increasingly turning to the web when buying luxury items.
Luxury goods’ future is expected to be bright, with a desire to spend on services and goods post-pandemic looking set to lead to consumers increasingly buying high-end luxury goods during the forecast period. Retail sales of luxury goods in Australia are expected to increase at a CAGR of 7% in current value terms (4% constant 2023 value CAGR) over the forecast period, to stand at AUD33.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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