Germany Luxury Goods Market Size (2024 - 2029)

Germany Luxury Goods Market Analysis

Germany luxury goods market is projected to grow at a CAGR of 7.9% during the forecast period (2022-2027).

During the COVID-19 pandemic, the demand for luxury goods diminished drastically as stores remained closed under lockdown regulations and international travel was also restricted. Further, the financial crisis due to the rise in unemployment added to the decline in the luxury goods market during the pandemic.

Further, the pandemic has highlighted the importance of e-commerce and social media marketing for effective brand communication, which in turn has enabled luxury goods companies to recover from demand disruption. Additionally, key industry players have restructured their digital marketing strategies to compensate for the closure of brick-and-mortar stores. For instance, Hugo Boss reported in its annual report that the company had a 66% rise in its online sales during the fourth quarter of the financial year 2020.

Moreover, the upscale malls in the region like Aquis Plaza, Gesundbrunnen-Center, and Westfield Centro, among others have offered luxury brands ample space to expand their operations in the country. This, in turn, is anticipated to drive growth in the luxury goods market during the forecast period.

Germany Luxury Goods Industry Segmentation

Luxury goods are premium-priced products that are often linked with affluent people and serve as symbols of social status. Germany luxury goods market is segmented by type and distribution channel. By type, the market is segmented into clothing and apparel, footwear, bags, jewelry, watches, and other accessories. By distribution channel, the market is segmented into single-brand stores, multi-brand stores, online stores, and other distribution channels. The report offers market size and forecasts in value (USD million) for the above segments.