In addition to the United States, Europe is home to some of the most mature markets for luxury goods across the world. Despite increasing competition from the Asia Pacific, Middle East and African regions, the size of this industry has continued grow in recent years. In Western Europe, the market reached a value of 248 billion euros in 2018 and is estimated to have increased by a further 30 billion euros in 2020. In Eastern Europe, the luxury market has also seen consistent growth in past years, although being worth considerably less than in Western Europe, at 33 billion euros. Across Europe, the leading cities for luxury retail are Paris, London and Milan, all of which were responsible for around five percent of global luxury stores opening in 2017.
Studies on luxury purchasing behavior in France and the United Kingdom (UK) have shown that a large proportion of consumers still prefer to purchase their luxury items in-store, rather than online. According to French consumers, being able to see and touch the product, avoiding the risk of counterfeits and the lack of contact with vendors online are some of the main reasons why this is the case. Across Europe, there is also a growing trend for customizing luxury items, which is most popular in Italy, France and Russia, with 23 percent of consumers interested, compared to 15 percent in Germany and 13 percent in the UK.
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In the following 3 chapters, you will quickly find the 25 most important statistics relating to "Luxury goods in Europe".