Summary
This document is a market analysis report focusing on the European luxury sector for the year 2024. It outlines the current state of European luxury online sales, which have shown little growth since the pandemic, declining slightly from €15.52 billion in 2022 to €15.4 billion in 2023. The report highlights that despite this stagnation, consumer interest in luxury goods remains strong, with quality being the primary motivator for 92% of consumers. The analysis details the significant role of fashion and cosmetics in luxury sales, accounting for €5.9 billion and €4.1 billion respectively in 2023. It also notes the demographic shift towards younger consumers, particularly GenZ, who are increasingly engaging with luxury brands. Additionally, the report discusses the impact of physical retail experiences on luxury ecommerce, revealing that 85% of luxury revenue still comes from offline sales. The document concludes by addressing consumer trends towards sustainability and second-hand luxury purchases.
