Market Trends of France Luxury Goods Industry
This section covers the major market trends shaping the France Luxury Goods Market according to our research experts:
High Affinity for Luxury Perfumes
The French consumer spends more on luxury perfumes thus, the per capita consumption of luxury perfumes is high in the region among the product types such as cologne, Eau de Toilette, Eau de Cologne, and Eau Fraiche, among others. The fact that the country has a developed economy, which has resulted in the up-gradation of the lifestyles of the consumers, has led the giant manufacturers to expand their perfume products in the region. For instance, in 2021, the Mimosa Perfumes company declared that they have launched vintage perfume made with 100% vegan Eau de perfume, a natural ingredients-infused product in the French market. The demand for perfume is rising with the increasing trend of personal grooming among men and the high usage of Eau de Toilette, cologne, perfume, and attar along with exotic fragrances are majorly boosting the growth of the market. Vegan-friendly perfumes are gaining immense popularity in the French market owing to the high demand for cruelty-free cosmetics, which helps luxury brands to fabricate their cruelty-free ethos.
Established Brands and Widespread Presence Across Online and Offline Channels
The French luxury goods market is growing rapidly owing to the increased accessibility of luxury products to customers, the transformation of the conventional luxury consumption model into a new experienced luxury sensibility, and a shift in how consumers perceive luxury. While the pop-up style is still in use and gives luxury brands a lot of flexibility in how they approach new markets or engage consumers with creative concepts, luxury fashion companies are strengthening their presence in the French market by inaugurating new flagship stores for their most recognized brands. For instance, in March 2022, Burberry opens a new flagship store in Rue Saint-Honoré, Paris, France. The new store has three floors showcasing menswear and womenswear.
Over the medium term, with the outbreak of covid-19, the government has imposed certain regulations to stay at home and work which has increased the online shopping tendency among the new generations for the reason to upload pictures on social media platforms for different online fashion-related events and celebrations. Further, as more and more customers move online, businesses are following suit, which led to the gradual development of the digital ecosystem. This has further contributed to the overall growth of the market.
