Germany Luxury Goods Market Size

Statistics for the 2023 & 2024 Germany Luxury Goods market size, created by Mordor Intelligence™ Industry Reports. Germany Luxury Goods size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Germany Luxury Goods Industry

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CAGR 7.9%
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Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.90 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Germany Luxury Goods Market Analysis

Germany luxury goods market is projected to grow at a CAGR of 7.9% during the forecast period (2022-2027).

During the COVID-19 pandemic, the demand for luxury goods diminished drastically as stores remained closed under lockdown regulations and international travel was also restricted. Further, the financial crisis due to the rise in unemployment added to the decline in the luxury goods market during the pandemic.

Further, the pandemic has highlighted the importance of e-commerce and social media marketing for effective brand communication, which in turn has enabled luxury goods companies to recover from demand disruption. Additionally, key industry players have restructured their digital marketing strategies to compensate for the closure of brick-and-mortar stores. For instance, Hugo Boss reported in its annual report that the company had a 66% rise in its online sales during the fourth quarter of the financial year 2020.

Moreover, the upscale malls in the region like Aquis Plaza, Gesundbrunnen-Center, and Westfield Centro, among others have offered luxury brands ample space to expand their operations in the country. This, in turn, is anticipated to drive growth in the luxury goods market during the forecast period.

Germany Luxury Goods Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)