Luxury goods continues to see solid growth in current value terms in 2024. A slowdown in the Dutch economy has negatively impacted consumer confidence with more people adopting a cautious attitude towards spending.
The consumer base for luxury goods is expanding in the Netherlands which is helping to fuel growth. The number of wealthy adults in the Netherlands continues to rise with approximately 4% of the population being millionaires.
Global car manufacturers BMW, Mercedes-Benz, Tesla, Audi, Land Rover and Porsche occupy the leading positions in luxury goods in the Netherlands with Tesla in particular benefiting from the strong demand for electric vehicles. Aside from car manufacturers, established global manufacturers of luxury goods such as Ralph Lauren Netherlands BV, The Swatch Group Ltd and LVMH Moët Hennessy Louis Vuitton BV continue to hold leading positions, with these three companies leading sales of personal luxury in 2024.
The distribution for luxury goods continues to shift towards non-store retailing although the presence of physical outlets to view products remains important for consumers as part of the shopping experience. E-commerce remains one of the most dynamic distribution channels in 2024, picking up share across all categories.
Luxury goods is predicted to see positive growth during the forecast period. Population growth and an increasing consumer interest in luxury goods and experiential luxury as a source of self-indulgence are set to influence this trend, coupled with an anticipated improvement in the Dutch economy which would lead to an increase in disposable income.
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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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