Demand for luxury goods in Malaysia continues to vary strongly by location and income group, with a large number of products in this area being found in premium shopping locations in Kuala Lumpur, Penang and Johor. Gain competitive intelligence about market leaders. A growing understanding of issues surrounding sustainability has led to a general consumer awareness of voods basic science behind climate change. The luxury goods market recorded healthy value growth in as consumers sought high-end luxury and high-value service.
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Growth is driven mainly by experiential luxury Luxury goods in Italy recorded stronger current value growth in than that seen in , with increases seen in most categories. Personal luxury, which accounted for just over half of overall retail value sales, showed slower growth due to the progressive rise of experiential luxury, which led consumers, particularly millennials, to shift some of their purchases from luxury goods to luxury experiences.
Growth is hampered by weaker domestic demand but boosted by tourism Millennials are gaining importance as luxury goods buyers in Italy. This younger generation tends to be value-driven and well-connected to social networks such as Instagram; it also tends to be less loyal and favour experiences.
Automotive brands and fashion designers lead in Italy Luxury goods in Italy is led by luxury car companies and fashion designers. Daimler led in , thanks to its leading position in luxury cars with Mercedes-Benz. Internet retailing continues to grow as consumers seek omnichannel experiences Whilst store-based retailing, including specialist retailers and department stores such as La Rinascente and Excelsior Milano, remains the most important for luxury goods, internet retailing continues its rise in Italy, showing double-digit growth rates in most categories in It is especially important for categories such as luxury timepieces, luxury leather goods and designer apparel and footwear, especially amongst millennials.
Luxury goods set to record moderate growth thanks to domestic and tourist demand Although seeing a slower rate of growth compared with the review period, luxury goods is expected to see a steady moderate increase over the forecast period in current value terms. Growth in luxury goods is expected to be supported by the rising number of international tourists visiting Italy, which is set to remain amongst the top destinations for luxury shopping in Europe.
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What are the major brands in Italy? How dynamic is the growth of Luxury Goods internet sales? What is driving growth? Gain competitive intelligence about market leaders Track key industry trends, opportunities and threats Inform your marketing, brand, strategy and market development, sales and supply function Want to find out more about this report?
EUROMONITOR LUXURY GOODS FILETYPE PDF
Luxury Goods in Italy
Luxury Goods in Singapore