Luxury goods in 2024: The big picture
Switzerland’s economy has seen a moderate recovery in 2024 with low GDP growth. This provided a boost to consumer confidence although many consumers remain conservative in their non-essential spending.
2024 key trends
Swiss luxury customers continue to focus on the traditional values for luxury products including a high level of exclusivity, premium quality and personalised or customised experiences and products. Swiss consumers also place value on the authenticity of products and the materials used, but also the companies producing them.
Competitive landscape
The top three positions in the rankings for sales of luxury goods in Switzerland are accounted for by manufacturers of premium and luxury cars. The three highly renowned German manufacturers Volkswagen AG, Daimer AG and Bayerische Motorenwerke AG continue to benefit from the high level of trust placed in German-made cars.
Retailing developments
Sales of luxury goods in Switzerland are still predominantly store-based in 2024. Nonetheless, there has been increasing use of modern technology including social shopping and virtual product trials especially within designer apparel and footwear (ready-to-wear), luxury leather goods, and luxury eyewear but also super premium beauty and personal care which has helped to drive online sales.
What next for luxury goods?
Luxury goods is expected to show moderate growth in value terms (at constant 2024 prices) in Switzerland over the forecast period. Although experiential luxury will continue to play an important role in the market it is expected that growth will become far slower than in 2024.
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Overview:
Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Switzerland 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 Switzerland, 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 Switzerland 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 Switzerland?
- Which are the leading brands in Luxury Goods in Switzerland?
- How are products distributed in Luxury Goods in Switzerland?
- How important is tourism in evaluating demand for Luxury Goods in Switzerland?
- 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 Switzerland
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Experiential Luxury in Switzerland
KEY DATA FINDINGS
Consumers favour luxury hotels offering special experiences and a chance to unwind and relax
Mandarin Oriental Savoy reopens catapulting the hotel chain into the lead in experiential luxury
Consumers value experience and ethics over status
An improving global economy should benefit experiential luxury
Sustainable luxury set to become an important differentiating factor
New openings aligned with evolving trends present strong growth opportunities for luxury hotels
Fine Wines/Champagne and Spirits in Switzerland
KEY DATA FINDINGS
Economic pressures and a changing approach to alcohol consumption limits volume growth
Healthy living trend shapes demand for alcoholic drinks
Consumers looking for premiumisation through exclusivity and the use of local and sustainable ingredients
Positive outlook for fine wines/champagne and spirits but challenges remain
Healthy living trend hangs over the future of the alcoholic drinks industry
Focus on experiential and exclusivity aspects set to drive sales of local fine wines and luxury spirits
Premium and Luxury Cars in Switzerland
KEY DATA FINDINGS
Shifts in consumer behaviour and a weak economy limits sales of premium and luxury cars
Little change in the competitive landscape due to established brand loyalty
Electric vehicles struggling to take off in luxury cars despite consumers becoming more eco-conscious
Changing trends and behaviours expected to influence the future of premium and luxury cars
Functionality, comfort and sustainability set to be the key focus of innovation over the forecast period
The future of electric vehicles under scrutiny as consumers remain sceptical
Personal Luxury in Switzerland
KEY DATA FINDINGS
Designer apparel and footwear (ready-to-wear) benefits from premiumisation.
Luxury eyewear sees moderate growth fuelled by innovative designs in sunglasses
Luxury jewellery sales stall due to economic pressures
Luxury leather goods benefits from tourism recovery
Luxury wearables electronics sees slower growth due to a lack of significant new product launches in 2024
Innovation keeps luxury timepieces ticking but volume growth slows
Digitisation eats away at sales of luxury writing instruments and stationery
Super premium beauty and personal care sees slower growth as the category faces increased competition from alternative products and services
Growth of personal luxury to remain moderate over the forecast period
New technologies expected to open up new growth opportunities
Growing sustainability trend to present challenges and opportunities
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?
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This report originates from Passport, our Luxury Goods research and analysis database.
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