Luxury goods in France is still expected to experience positive retail current value growth in 2024, but at a slower rate than in 2023, due to several factors. These include poor weather during the first half of the year (thus under-average consumer footfall), and a rather gloomy summer season.
One factor which has been contributing to the slower performance of luxury goods in France in 2024 is the rather unstable socio and economic situation in the country in 2023 (many strikes and blockades) and 2024. Due to many geopolitical factors, inflation was still high in 2023, in the region of 5%, and then came back to a more regular level of more than 2% by the middle of 2024.
The competitive landscape in luxury goods in France is fragmented and disparate, with only one player displaying a double-digit value share in global brand owner terms, namely LVMH Moët Hennessy Louis Vuitton. It is immediately followed by the four biggest players in premium and luxury cars: Daimler AG, Tesla Inc, Bayerische Motoren Werke AG, and Volkswagen AG.
While prestigious car dealers monopolise sales of premium and luxury cars, and most fine wines are sold in grocery retailers in France, shoppers typically buy personal luxury goods in department stores and prestigious specialised stores, where they can obtain advice from knowledgeable sales staff. These retail outlets can stock high-end products and put a wide selection of personal luxury items on display.
The outlook for luxury goods in France is rather promising in the five years to come, with retail current value growth set to continue, especially in the short term, notably thanks to the expected trickle-down effects from the Olympic Games for Parisian outlets in 2025-2026. There will probably be some less positive notes, however, such as slower than average growth for personal luxury, and more particularly for designer apparel and footwear.
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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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