Retail sales of luxury goods in South Africa are expected to grow by 14% in current value terms in 2023 to reach ZAR55.0 billion.
In 2023, sales of luxury goods have increased even though there are headwinds caused by the cost-of-living crisis, the war in Ukraine, supply-chain issues and elevated inflation. There are a relatively large number of affluent adults living in South Africa which ensures there is a strong consumer base for luxury goods.
Luxury goods remains a highly competitive area with consumers thinking more about what they spend money on and buy. As such, luxury goods players are focusing more on creating innovative products that offer consumers value, while ensuring that the products and services they offer are affordable and competitive.
Luxury retail is seeing significant changes as digitalisation leads to consumers shopping more online and engaging with retailers and brands in a different way. This is leading to a rise in the importance of online shopping amongst some consumers, whilst also forcing retailers to rethink the role of physical outlets.
A rosy future is predicted for luxury goods, with pent-up demand that built up during the pandemic expected to result in consumers increasingly purchasing high-end products during the forecast period. Retail sales of luxury goods in South Africa look likely to increase at a 4% CAGR at constant 2023 prices over the forecast period to stand at ZAR67.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in South Africa 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:
If you're in the Luxury Goods industry in South Africa, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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