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The COVID-19 pandemic led to a dramatic decline in sales of luxury goods across categories in 2020. The lockdown and social distancing measures enforced to curb the spread of the disease meant that consumers were confined to their homes and unable to work and socialise as they used to before the pandemic. The lockdown restrictions, imposed from mid-March for six weeks and again in Victoria as a second wave of infections emerged May and June, leading to a second strict lockdown which eventually l...
Euromonitor International's Luxury Goods in Australia report offers a comprehensive guide to the size and shape of the Luxury Goods market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Luxury Goods retailing along with the development of consumers' shopping patterns. Forecasts to 2025 illustrate how the market is set to change
Product coverage: Experiential Luxury, Fine Wines/Champagne and Spirits, Personal Luxury, Premium and Luxury Cars.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
Get a detailed picture of the Luxury Goods market; Pinpoint growth sectors and identify factors driving change; Understand the competitive environment, the market's major players and leading brands; Use five-year forecasts to assess how the market is predicted to develop.TABLE OF CONTENTS
List OF CONTENTS AND TABLES
EXECUTIVE SUMMARY
COVID-19 impact on luxury goods
COVID-19 country impact
Company response
Retailing shift
What next for luxury goods?
MARKET INDICATORS
Table 1 Number of High Net Worth Individuals (HNWI): 2015-2020MARKET DATA
Table 2 Sales of Luxury Goods by Category: Value 2015-2020 Table 3 Sales of Luxury Goods by Category: % Value Growth 2015-2020 Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020 Table 5 NBO Company Shares of Luxury Goods: % Value 2015-2019 Table 6 LBN Brand Shares of Luxury Goods: % Value 2016-2019 Table 7 Distribution of Luxury Goods by Format and Category: % Value 2020 Table 8 Forecast Sales of Luxury Goods by Category: Value 2020-2025 Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025DISCLAIMER
GLOBAL MACROECONOMIC ENVIRONMENT
GLOBAL INDUSTRY ENVIRONMENT
SOURCES
Summary 1 Research SourcesKEY DATA FINDINGS
2020 IMPACT
International and domestic border closures due to COVID-19 wreaks havoc on experiential luxury in 2020
Luxury foodservice suffer as Palazzo Versace is closed twice in 2020
Luxury hotel bookings suffer although regional tourism increases in 2020
RECOVERY AND OPPORTUNITIES
Experiential luxury unlikely to recover over the forecast period due to decreased disposable incomes
Luxury hotels set to decrease prices and increase special offers to tempt customers back over the forecast period
Competition from non-luxury experiential resorts on the increase
CATEGORY DATA
Table 10 Sales of Experiential Luxury by Category: Value 2015-2020 Table 11 Sales of Experiential Luxury by Category: % Value Growth 2015-2020 Table 12 NBO Company Shares of Experiential Luxury: % Value 2015-2019 Table 13 LBN Brand Shares of Experiential Luxury: % Value 2016-2019 Table 14 Forecast Sales of Experiential Luxury by Category: Value 2020-2025 Table 15 Forecast Sales of Experiential Luxury by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
International travel bans devastate luxury hotel bookings in 2020
Luxury hotels try to maintain sales by using various strategies in 2020
Palazzo Versace Gold Coast's maintenance delayed due to international travel ban thanks to the pandemic
RECOVERY AND OPPORTUNITIES
Luxury hotels likely to benefit over the forecast period as a result of diligent following of safety protocols due to larger budgets
Luxury hotels likely to benefit from domestic tourism but unlikely to recover before borders open again
Fairmont to build a new luxury hotel in Queensland by 2023
CATEGORY DATA
Table 16 Sales in Luxury Hotels: Value 2015-2020 Table 17 Sales in Luxury Hotels: % Value Growth 2015-2020 Table 18 Sales in Luxury Hotels by Country of Origin: % Value 2015-2020 Table 19 NBO Company Shares in Luxury Hotels: % Value 2015-2019 Table 20 LBN Brand Shares in Luxury Hotels: % Value 2016-2019 Table 21 Forecast Sales in Luxury Hotels: Value 2020-2025 Table 22 Forecast Sales in Luxury Hotels: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Although alcohol consumption increases during lockdown sales of fine wines/champagne and spirits are negatively impacted by the pandemic in 2020
Locally produced wines/champagne and spirits are gaining in popularity in 2020
The luxury gifting trend boosts innovation in champagne in 2020
RECOVERY AND OPPORTUNITIES
Growing preference for experiential luxury benefits fine wines/champagne and spirits over the forecast period
Convenience likely to drive the shift towards e-commerce over the forecast period
Local distillers likely to increase production of luxury spirits over the forecast period
CATEGORY DATA
Table 23 Sales of Fine Wines/Champagne and Spirits by Category: Value 2015-2020 Table 24 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2015-2020 Table 25 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2015-2019 Table 26 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2016-2019 Table 27 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2015-2020 Table 28 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2020-2025 Table 29 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Interest rate cuts help to negate the impact of the pandemic in 2020
Mercedes-Benz continues to lead in 2020 with premium and luxury car sales benefitting from low interest rates
Sustainability concerns and innovation fuel interest in electric/hybrid models
RECOVERY AND OPPORTUNITIES
Premium and luxury car sales expected to recover over the forecast period
Government support likely to drive automotive innovation during the COVID-19 recovery
Efforts to reinforce status symbol appeal of luxury cars set to intensify
CATEGORY DATA
Table 30 Sales of Premium and Luxury Cars: Value 2015-2020 Table 31 Sales of Premium and Luxury Cars: % Value Growth 2015-2020 Table 32 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019 Table 33 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019 Table 34 Forecast Sales of Premium and Luxury Cars: Value 2020-2025 Table 35 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Store closures removes the sensory experience of purchasing personal luxury goods leading to decreased sales in 2020
Travel restrictions lead to a decline in sales for personal luxury in 2020
Brands diversify their offering to entice consumers in 2020
RECOVERY AND OPPORTUNITIES
Personal luxury growth likely to be hampered over the forecast period thanks to decreased consumer confidence and lower disposable incomes
Personal luxury brands invest in their online presence to boost sales over the forecast period
Demand for eco-friendly offerings expected to increase over the forecast period
CATEGORY DATA
Table 36 Sales of Personal Luxury by Category: Value 2015-2020 Table 37 Sales of Personal Luxury by Category: % Value Growth 2015-2020 Table 38 NBO Company Shares of Personal Luxury: % Value 2015-2019 Table 39 LBN Brand Shares of Personal Luxury: % Value 2016-2019 Table 40 Distribution of Personal Luxury by Format: % Value 2015-2020 Table 41 Forecast Sales of Personal Luxury by Category: Value 2020-2025 Table 42 Forecast Sales of Personal Luxury by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Designer apparel and footwear negatively impacted by the pandemic as consumers' lifestyles change
Designer apparel and footwear brands adjust by accelerating digital experiences in 2020
Luxury brands add face masks to their designer apparel ranges in 2020
RECOVERY AND OPPORTUNITIES
Roll-out of the COVID-19 vaccine and opening of international borders to drive sales over the forecast period
Conscious consumerism to remain top of mind with brands increasing sustainability attributes
Brands set to boost sales by using innovative marketing strategies on social media over the forecast period
CATEGORY DATA
Table 43 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2015-2020 Table 44 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2015-2020 Table 45 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2015-2019 Table 46 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2019 Table 47 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2015-2020 Table 48 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2020-2025 Table 49 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Pandemic negatively impacts luxury eyewear due to non-essential store closures and limited travelling in 2020
Limits on beachgoers affects sales of luxury sun glasses negatively in 2020
E-commerce sales flourish for luxury eyewear in 2020 as customers eschew store-based retailing
RECOVERY AND OPPORTUNITIES
Luxury eyewear sales unlikely to recover to 2019 levels despite healthy growth over the forecast period
UV protection and bespoke designs may offer growth potential in luxury sunglasses
Evolution of smart glasses will present challenges and opportunities
CATEGORY DATA
Table 50 Sales of Luxury Eyewear by Category: Value 2015-2020 Table 51 Sales of Luxury Eyewear by Category: % Value Growth 2015-2020 Table 52 NBO Company Shares of Luxury Eyewear: % Value 2015-2019 Table 53 LBN Brand Shares of Luxury Eyewear: % Value 2016-2019 Table 54 Distribution of Luxury Eyewear by Format: % Value 2015-2020 Table 55 Forecast Sales of Luxury Eyewear by Category: Value 2020-2025 Table 56 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Postponement of celebratory occasions and social distancing measures delay occasions for wearing of luxury jewellery in 2020
Luxury jewellery players use the pandemic to accelerate digital strategies
Jewellers increasingly offer personalised solutions in 2020
RECOVERY AND OPPORTUNITIES
Resumption of social occasions and celebrations to fuel spending on luxury jewellery over the forecast period
A diamond-sourcing programme established benefitting Australian jewellery companies over the forecast period
Luxury jewellers to adapt product offering to Australian consumer base over the forecast period
CATEGORY DATA
Table 57 Sales of Luxury Jewellery by Category: Value 2015-2020 Table 58 Sales of Luxury Jewellery by Category: % Value Growth 2015-2020 Table 59 NBO Company Shares of Luxury Jewellery: % Value 2015-2019 Table 60 LBN Brand Shares of Luxury Jewellery: % Value 2016-2019 Table 61 Distribution of Luxury Jewellery by Format: % Value 2015-2020 Table 62 Forecast Sales of Luxury Jewellery by Category: Value 2020-2025 Table 63 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
COVID-19 leads to significant decline in sales of luxury leather goods but e-commerce accelerates in 2020
Travel restrictions deals blow to sales of luxury leather goods in 2020
Brands increasingly aligned with consumers' sustainability demands in 2020
RECOVERY AND OPPORTUNITIES
Luxury leather goods set to recover to pre-COVID-19 levels faster thanks to functional pieces and some affordable items over the forecast period
Animal rights remain key over the forecast period and Prada bans use of kangaroo leather
Resale of vintage items remains a threat to luxury leather goods over the forecast period
CATEGORY DATA
Table 64 Sales of Luxury Leather Goods: Value 2015-2020 Table 65 Sales of Luxury Leather Goods: % Value Growth 2015-2020 Table 66 NBO Company Shares of Luxury Leather Goods: % Value 2015-2019 Table 67 LBN Brand Shares of Luxury Leather Goods: % Value 2016-2019 Table 68 Distribution of Luxury Leather Goods by Format: % Value 2015-2020 Table 69 Forecast Sales of Luxury Leather Goods: Value 2020-2025 Table 70 Forecast Sales of Luxury Leather Goods: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
The negative economic impact of COVID-19 leads to a decline in sales in 2020 and luxury mobile phones unlikely to recover following collapse of Vertu
Retail closures and price-sensitivity lead to a decline in growth of luxury wearables in 2020
Economic downturn negatively impacts the landscape in 2020
RECOVERY AND OPPORTUNITIES
Luxury mobile phone sales to become negligible, as wearables record positive growth over the forecast period
Luxury wearables set to rebound over the forecast period with consumers' growing acceptance of the smartwatch look
Luxury wearables set to benefit from convenience- and health-oriented innovation
CATEGORY DATA
Table 71 Sales of Luxury Portable Consumer Electronics by Category: Value 2015-2020 Table 72 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2015-2020 Table 73 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2015-2019 Table 74 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2016-2019 Table 75 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2015-2020 Table 76 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2020-2025 Table 77 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Decline in international tourism and store closures cause decrease in sales of luxury timepieces in 2020
Cancellation of watch fairs further impact sales of luxury timepieces negatively but online events flourish in 2020
Competition from smart watches grow as consumers follow the health and wellness trend in 2020
RECOVERY AND OPPORTUNITIES
Growth rate of luxury timepieces' sales to recover from 2021
Resale opportunity grows for luxury timepieces over the forecast period
Digital innovation important to entice consumers and boost sales over the forecast period
CATEGORY DATA
Table 78 Sales of Luxury Timepieces by Category: Value 2015-2020 Table 79 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020 Table 80 NBO Company Shares of Luxury Timepieces: % Value 2015-2019 Table 81 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019 Table 82 Distribution of Luxury Timepieces by Format: % Value 2015-2020 Table 83 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025 Table 84 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Luxury writing instruments and stationery sales decline due to lockdown despite many consumers needing to journal in 2020
Younger generations prefer digital devices resulting in a further decline in demand for luxury writing instruments and stationery in 2020
Montblanc continues to lead but Graf von Faber-Castell narrows the margin
RECOVERY AND OPPORTUNITIES
Competition from digital devices will force the category to rethink consumers' overall experience
Heritage brands set to boost sales by diversifying into other areas
Exclusivity remains a key component for success
CATEGORY DATA
Table 85 Sales of Luxury Writing Instruments and Stationery: Value 2015-2020 Table 86 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2015-2020 Table 87 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2015-2019 Table 88 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2016-2019 Table 89 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2015-2020 Table 90 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2020-2025 Table 91 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Super premium beauty and personal care sales negatively impacted by store closures in 2020
Super premium beauty and personal care products promoted as essential for self-care in 2020
Beauty retailers adapt to digital landscape as consumers stay at home in 2020
RECOVERY AND OPPORTUNITIES
Wellness ingredients set to boost sales of super premium beauty and personal care products
Customers will expect the same premium service online as instore over the forecast period
User reviews and customer created content become essential
CATEGORY DATA
Table 92 Sales of Super Premium Beauty and Personal Care by Category: Value 2015-2020 Table 93 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2015-2020 Table 94 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2015-2019 Table 95 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2016-2019 Table 96 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2015-2020 Table 97 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2020-2025 Table 98 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2020-2025