Value sales of luxury goods in Italy continue to performing positively in 2024, with the industry recording growth across all categories. In fact, economic uncertainty in Italy and the strong polarisation of consumption has benefited luxury goods as shoppers with higher levels of disposable income have been choosing both luxury goods and more importantly, experiences as a means of gratification.
Sustainability is a key topic within luxury goods in Italy, and the main players are already making considerable investments to provide consumers with more eco-friendly products and services in response to their demand for products and actions with a reduced impact on the environment. For example, in February 2023, Gucci launched the “Circular Hub”, the first circular luxury hub in Italy to accelerate the circular transformation of the Italian fashion industry’s production model by redefining the entire value chain.
The main luxury players continue to drive sales in each category of luxury goods as they are perceived by consumers as offering a guarantee of quality, durability, and status symbol. Therefore, it is difficult for new players to enter and quickly gain share.
E-commerce continues to gain value share in terms of distribution for personal luxury and fine wines/champagne and spirits, as customers become increasingly used to purchasing goods online and searching for information and reviews beforehand. In addition, e-commerce benefits from providing a wider choice of products together with often more competitive prices compared to bricks-and-mortar stores.
The outlook for luxury goods in Italy is positive, with value sales (at constant 2024 prices) set to further rise over the forecast period. However, some competition will continue to be provided by the second-hand market for luxury goods, especially for categories such as luxury timepieces, with these items also passed down from generation to generation, a trend that is reinvigorating second-hand sales.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Italy with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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