Germany Luxury Goods Market Report and Forecast 2024-2032

Germany Luxury Goods Market Size

The Germany luxury goods market reached approximately USD 16.87 billion in 2023. The market is projected to grow at a CAGR of 4.20% between 2024 and 2032, reaching a value of around USD 24.43 billion by 2032.

Germany Luxury Goods Market Outlook

• As per the industry reports, the online sales channel is expected to become the country's primary sales channel for luxury goods by 2025.

• Baden-Württemberg, Bavaria, Hamburg, and Hesse are the regions with the highest purchasing power, promoting the growth of luxury goods in these areas.

• With the establishment of Meisterkreis, a network for luxury goods and craftsmanship, the luxury goods sector in Germany witnessed an upward trend.

Germany Luxury Goods Market Growth

The rise in disposable income, the growing visits by high-net tourists, and the presence of a large number of luxurious brands are some of the prominent market drivers. Germany is home to many luxury brands that are famous worldwide for their renewed history, top-notch quality, and exceptional craftsmanship, attracting consumers looking for high-end products.

The increased availability of luxury goods to a large customer base has been made possible by the growth of online shopping platforms and the digitalisation of the retail sector. Luxury brands are now adopting omnichannel strategies to provide a cohesive shopping experience that combines both online and offline channels.

The trend towards sustainable and ethical consumption is growing, with consumers showing a preference for luxury brands that prioritise sustainability and social responsibility. There is also a rising demand for personalised and customised luxury items in the country, with consumers willing to pay more for unique, tailor-made products.

Germany Luxury Goods Industry Segmentation

“Germany Luxury Goods Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Watches and Jewellery

• Perfumes and Cosmetics

• Clothing

• Bags/Purse

• Others

Market Breakup by End Use

• Women

• Men

Market Breakup by Distribution Channel

• Offline

• Online

Market Breakup by Region

• North Rhine-Westphalia

• Bavaria

• Baden-Württemberg

Germany Luxury Goods Market Share

Based on product type, the market is divided into watches and jewellery, perfumes and cosmetics, clothing, and bags/purse, among others. Watches and jewellery account for a substantial market share in Germany as affluent customers and high-end clients are eager to invest heavily in timepieces and accessories as a way to showcase their social status, as these items are commonly viewed as symbols of wealth, status, and refinement. Germany is also home to renowned watch and jewellery brands known for their outstanding craftsmanship, precision, and rich history, aiding the market share.

Leading Companies in the Germany Luxury Goods Market

The market players are readily launching new collections with innovative designs to gain a competitive edge in the market.

• Chanel Limited

• Kering SA

• Rolex SA

• Giorgio Armani S.p.A.

• Ralph Lauren Corporation

• Hermès International S.A.

• Prada SpA

• VALENTINO S.p.A.

• Tiffany & Co.

• Estee Lauder Inc.

• Others

Key Highlights of the Report