Luxury goods is seeing positive gains in Sweden in 2024, despite a challenging economic climate and rising financial uncertainty. Indeed, it is reported that around a third of local consumers have cited concerns about their financial situation due to higher debts and lower savings, especially among Gen X [according to the Euromonitor Lifestyles Survey].
Luxury goods is being driven by unique experiences and accessible premiumisation, rather than just being seen in tangible goods. This is noted in both domestic spending and the aforementioned spending from inbound tourists.
The leading players in luxury goods are those who sell luxury cars, being Volkswagen Group AB, Mercedes-Benz AG, Tesla Inc, and BMW Northern Europe AB, with these names being the only players holding double-digit shares in the overall category. Added to which, competitive dynamics are at play within these names, such as with Volkswagen overtaking Mercedes-Benz in 2023.
Retail e-commerce continues to grow in luxury goods, despite the ongoing importance of physical outlets in the luxury segment due to the personal experience in-store shopping offers, particularly in relation to high-value goods. For example, retail e-commerce is increasingly strong in personal luxury, although less so in fine wines/champagne and spirits.
Over the forecast period, luxury cars is expected to present notably robust growth, being a major part of the luxury goods category overall. This can be demonstrated by the fact the top overall players are those in luxury cars.
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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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