Luxury goods in 2024: The big picture
Luxury goods is seeing positive gains in Sweden in 2024, despite a challenging economic climate and rising financial uncertainty. Indeed, it is reported that around a third of local consumers have cited concerns about their financial situation due to higher debts and lower savings, especially among Gen X [according to the Euromonitor Lifestyles Survey].
2024 key trends
Luxury goods is being driven by unique experiences and accessible premiumisation, rather than just being seen in tangible goods. This is noted in both domestic spending and the aforementioned spending from inbound tourists.
Competitive landscape
The leading players in luxury goods are those who sell luxury cars, being Volkswagen Group AB, Mercedes-Benz AG, Tesla Inc, and BMW Northern Europe AB, with these names being the only players holding double-digit shares in the overall category. Added to which, competitive dynamics are at play within these names, such as with Volkswagen overtaking Mercedes-Benz in 2023.
Retailing developments
Retail e-commerce continues to grow in luxury goods, despite the ongoing importance of physical outlets in the luxury segment due to the personal experience in-store shopping offers, particularly in relation to high-value goods. For example, retail e-commerce is increasingly strong in personal luxury, although less so in fine wines/champagne and spirits.
What next for luxury goods?
Over the forecast period, luxury cars is expected to present notably robust growth, being a major part of the luxury goods category overall. This can be demonstrated by the fact the top overall players are those in luxury cars.
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Overview:
Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Sweden with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Experiential Luxury
- Luxury Hotels
- Fine Wines/Champagne
- Premium and Luxury Cars
- Personal Luxury
- Designer Apparel and Footwear
- Luxury Eyewear
- Luxury Jewellery
- Luxury Leather Goods
- Luxury Portable Consumer Electronics
- Luxury Timepieces
- Luxury Writing Instruments and Stationery
- Super Premium Beauty and Personal Care
If you're in the Luxury Goods industry in Sweden, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Luxury Goods in Sweden report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Luxury Goods in Sweden?
- Which are the leading brands in Luxury Goods in Sweden?
- How are products distributed in Luxury Goods in Sweden?
- How important is tourism in evaluating demand for Luxury Goods in Sweden?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Luxury Goods in Sweden
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Experiential Luxury in Sweden
KEY DATA FINDINGS
Climate and economic conditions drive tourists to Sweden
Unique experiences sought within luxury accommodation
Ranking remains unchanged with Grand Hotel reporting outstanding results
Small brands have opportunities to offer bespoke experiential luxury
Ongoing investments and acquisitions expected to support growth
International spending from Western Europe and the US will drive experiential luxury sales
Fine Wines/Champagne and Spirits in Sweden
KEY DATA FINDINGS
Relatively small growth for fine wines/champagne and spirits, as the majority consumption takes part within experiential luxury
Fine wines remains the core subcategory, while luxury whiskies sees the highest value growth
Leading brands see small erosion of shares as consumers seek new and smaller brands
Smaller brands set to see ongoing opportunities
Trends and preferences expected to remain the same over the forecast period
Could a trend for non-alcoholic luxury drinks be on the rise?
Premium and Luxury Cars in Sweden
KEY DATA FINDINGS
Premium and luxury cars remains a strong category in luxury goods
Electric vehicles continue to rise in popularity
Volkswagen Group outperforms previous leader Mercedez-Benz
EVs will continue to grow in popularity over the forecast period, despite some challenges
Sales of new luxury cars set to outperform used car sales
Online sales expected to rise over the forecast period
Personal Luxury in Sweden
KEY DATA FINDINGS
Designer apparel and footwear (ready-to-wear)
Luxury eyewear
Luxury jewellery
Luxury leather goods
Luxury wearables
Luxury timepieces
Luxury writing instruments and stationery
Super premium beauty and personal care
“Less is more” trend expected to continue
Digitalisation and omnichannel options will support ongoing sales
Sustainability trends will continue to support the popularity of pre-owned goods
The following categories and subcategories are included:
Luxury Goods
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- Luxury Foodservice
- Luxury Hotels
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- Fine Champagne
- Other Fine Wine
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- Luxury Brandy and Cognac
- Luxury Whiskies
- Other Luxury Spirits
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- Premium and Luxury Cars
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- Men's Designer Apparel
- Women's Designer Apparel
- Designer Childrenswear
- Designer Clothing Accessories and Hosiery
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- Children's Designer Footwear
- Men's Designer Footwear
- Women's Designer Footwear
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- Luxury Spectacle Frames
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- Men's Luxury Sun Glasses
- Women's Luxury Sun Glasses
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- Luxury Costume Jewellery
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- Men's Luxury Fine Jewellery
- Women's Luxury Fine Jewellery
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- Men's Luxury Bags and Small Leather Goods
- Women's Luxury Bags and Small Leather Goods
- Luxury Travel Goods
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- Luxury Wearables Electronics
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- Men's Luxury Timepieces
- Women's Luxury Timepieces
- Luxury Writing Instruments and Stationery
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- Super Premium Colour Cosmetics
- Super Premium Fragrances
- Super Premium Skin Care
- Other Super Premium Beauty and Personal Care
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Luxury Goods research and analysis database.
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