Luxury goods in South Africa has continued to record steady growth in current value terms in 2024 albeit at a slower pace than in 2023. More stable rates of inflation, combined with a rise in the number of affluent South Africans and the booming tourism industry in the country are contributing to the continued growth of luxury goods.
In August 2024, inflation in South Africa dropped to its lowest rate since April 2021. It is anticipated that South Africa’s Central Bank will reduce interest rates as inflation continues to stabilise which should provide a further boost to luxury goods.
The competitive landscape for luxury goods in South Africa is highly competitive with younger generations such as Millennials and Gen Z becoming the main consumers of luxury goods. These consumers are also becoming more discerning which is pushing companies to improve as they are no longer able to rely on traditional brand loyalty.
Retail e-commerce has continued to see solid growth in luxury goods in 2024 and it is expected to gain share from other offline distribution channels over the forecast period. Many international brands are only available thought online platforms which has contributed to the growth of the channel.
The total number of high-net-worth individuals in South Africa is expected to reach 61,000 by 2033. This should ensure that the demand for luxury goods continues to see steady growth over the forecast period.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in South Africa 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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