Market Size of Russia Luxury Goods Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.60 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russia Luxury Goods Market Analysis
The Russia Luxury Goods Market is projected to register a CAGR of 5.6% in the forecasted year ( 2022-2027).
The emergence of e-commerce has provided consumers easy access to product-related information and prices through online sources. This factor has further contributed to the overall growth of the luxury goods market. Eventually, with the consumer's preference toward premiumization, the demand for luxury goods products is rising which is also driving the respective market.
Furthermore, seeking the consumer's inclination toward e-commerce websites several companies have gained momentum by opening new websites for their respective products, for instance, Luxury department store Tsum and mid-market player Wildberries, who have developed leading apparel e-commerce businesses have estimated their earnings up to the USD 4.8 billion of annual online clothing sales ahead of international luxury brands.
Likewise, due to the impact of the Russia War crisis different companies which were exhibiting their business in the same horizon has been flipping up their exports in the respective country, such as, swiss watchmaker Grapple has fallen out of russian crisis, besides, the sanctions against Russia and a ban on exports of luxury goods mean brands can no longer ship timepieces to Russia and all the big labels. Therefore, the russia's luxury goods market has been affected drastically.
