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According to the latest research from Euromonitor International, sales of luxury in France have reached just under 18 billion in 2014, making it the third largest market in the world, behind the US and Japan, but with First regional value 21, France tops, before neighboring Italy and the UK.
Much in line with comparable overall figures, designer clothing and footwear accounts for the lion's share of the luxury value of sales in France, 46 in 2014.
However, its growth is overshadowed by that of the second category, luxury accessories, which increased by 43 in value over the five years to 2014, making it the fastest growing category overall.
we share five key information about the current state of the market for French luxury goods.
Domestic consumers driving growth in the more accessible end of the market.
Economic stagnation Creates Headwinds for the luxury market.
Economic stagnation in France acts as a brake on the growth of the luxury industry, domestic demand remains weak In this difficult context, the polarization of the prize has become salient While high tourist flows have kept the luxury market afloat , domestic consumers driving growth in the more accessible end of the market, with affordable luxury brands gaining ground.
Home to an established consumer market that is synonymous with luxury spending, France has a large population with high income However, luxury brands must be aware that, of the total population of France in receiving a annual gross income of 150,000, over 65 years, the cohort represented a share in 2013 21, with the age groups aged 50-54 and age 55-59 representing 17 and 18, respectively.
France's rich heritage in fashion and Made in France has maintained its position as a leading tourist magnet The influx of tourists has become a boon for the French luxury market, it is no surprise that Paris, as one the main tourist destinations in the world, is where tourists are attracted in 2013, the city received 33 million tourists, 18 of which 6 million international tourists.
France is the favored European destination for Chinese tourists.
France is by far the most popular European destination for Chinese tourists, with departures to France from China totaling 433000 in 2013. Furthermore, spending by Chinese tourists in France to reach US 0000000000 1 2018, against US 838 million in 2013.
The appetite of France for luxury will continue to increase, driven mainly by rich tourist entries According to our recent research, we expect sales of luxury in France to 19 0 billion in 2019, adding a real 2 January additional billion market in the next five years.
To learn more about the French luxury market, join luxury Euromonitor International Society Thursday, November 6 in Paris at Le Pre Catalan Full details here.
Fflur Roberts, head of research of luxury goods to Euromonitor International will deliver the opening speech of the luxury business in France.
5 Insights MustKnow in the French luxury market, ideas, french, luxury, market.