With basic goods seeing rising prices, and interest rates still high, which impacts the majority of Spaniards, who have a mortgage, the average disposable income has been declining in Spain. This has resulted in consumers showing a keenness to save, which in some cases is resulting in Spaniards postponing their acquisition of luxury goods, especially those products popular amongst aspirational consumers, such as personal luxury goods.
As was seen in previous years, in 2024 Spaniards are exhibiting different attitudes to spending. On the one hand, some consumers are showing a desire to save rather than spend, which is hampering the growth of luxury goods.
The competitive landscape in luxury goods is dominated mainly by big international companies. The importance of local players is still marginal, with the exception of the national beauty and personal care company Puig SL, and Spanish luxury hotels chain Meliá Hotels International SA.
Luxury goods retailing is undergoing changes, with digitalisation changing where consumers shop and how they engage with luxury brands and retailers. An increasing number of consumers value the convenience of shopping online, and the opportunity to browse at their leisure with no pressure from sales staff.
Retail current value sales of luxury goods in Spain are expected to record a continued rise over 2024-2029, although the rates of increase are expected to see a slowing trend. With Spaniards’ disposable incomes in jeopardy due to high inflation and high interest rates, tourism is set to be a key driver of sales of luxury goods, especially in the case of experiential luxury and personal luxury.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Spain 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 Spain, 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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