Luxury Goods - Russia

  • Russia
  • The Luxury Goods market in Russia is projected to generate a revenue of €1.88bn in 2024.
  • This market is expected to grow at an annual rate of 1.94% (CAGR 2024-2028).
  • The largest segment within this market is Prestige Cosmetics & Fragrances, which is estimated to have a market volume of €1.11bn in 2024.
  • When compared globally, in the United States generates the highest revenue, amounting to €70,640m in 2024.
  • On a per capita basis, the revenue generated in Russia's Luxury Goods market amounts to €13.09 per person in 2024.
  • It is anticipated that 13.2% of the total revenue in this market will be generated through online sales by 2024.
  • Despite economic challenges, Russia's luxury goods market is flourishing, fueled by the rising purchasing power of its affluent population.

Key regions: United States, Russia, India, Singapore, United Kingdom

 
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Analyst Opinion

When marketing luxury, exclusivity constitutes the conceptual key element. This exclusivity is maintained mainly by a high price point but also by consciously limiting sales volumes and outlets. 2018 was a good year for luxury goods companies, continuing the rebound of the global luxury goods industry which started in 2017 after two relatively sluggish years. Key trends shaping the industry are a continued emphasis on manufacturer-owned retail, a more pronounced shift of sales from the established core markets in Central & Western Europe, North America, and Japan to Greater China and other emerging markets, as well as the increasing role of a fast-growing eCommerce channel.

Methodology

The Luxury Goods market is built on resources from the Statista platform as well as on in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. We evaluate the status quo of the market, monitor trends, and create an independent forecast regarding market developments of the global Luxury Goods industry.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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