Luxury goods in Europe - Statistics & Facts

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 2017 and is estimated to have increased by a further 16 billion euros in 2018. In Eastern Europe, the luxury market has also seen consistent growth in past years, although being worth considerably less than in Western Europe, at 30 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.

Based on worldwide sales, the top three luxury goods companies in Europe are LVMH Moët Hennessy Louis Vuitton SE (France), Compagnie Financière Richemont SA (Switzerland) and Luxottica Group SpA (Italy). LVHM is responsible for many of the most well-known luxury brands across a range of product categories, including Luis Vuitton, Christian Dior, Givenchy, Marc Jacobs and Moët & Chandon. As such, the company’s sales clearly exceed Richemont and Luxottica, reaching 42 billion euros in 2017, around eight billion euros of which was made in Europe. In comparison, sales of the Richemont Group amounted to around 10.9 billion in the 2018 financial year, with just over a quarter of this generated in Europe. Meanwhile, Luxottica produced sales of approximately nine billion in 2017, with Europe accounting for a share of 21 percent.

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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