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The Luxury Retail Market France Overview 2017
The seasons go by...
... and show minor similarity. The luxury retail market may have seen mixed results in 2016, particularly in terms of tourism and new openings, but things changed in 2017 and all the previous trends were reversed. More tourists, fewer openings, more leases…the luxury market continues to perform well and the outlook is looking good.
Globally, the personal luxury goods market grew in 2017 to €262 billion, up by 5% in turnover compared with the levels seen in 2016; a stark contrast on the previous year (-1%). This growth has been driven by good underlying activity in the luxury sector (luxury cars, hotels, wines and spirits, gastronomy, fine art, ...) which has also seen new sales records and double-digit growth (+11%) compared with 2016 and a turnover of €1,200 billion in 2017 (€1,079 billion in 2016). The watch and jewelry sector still dominates and accounts for over a quarter of the market share for personal luxury goods, ahead of fashion design and cosmetics.
In Europe, growth in the consumption of luxury items stood at 6% between 2016 and 2017, retaining a dominant market position in terms of sales and accounting for over a third of global consumption (€87 billion).
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Cushman & Wakefield France