Retail value sales of luxury goods in Spain rose by 11% in 2023 in current terms to reach EUR16.7 billion.
In 2023, luxury goods continued to develop and grow despite the headwinds caused by the cost of living crisis, the war in Ukraine, supply chain issues and high inflation. Spain is also where a number of affluent adults live, with 478,300 (1% of the population) calling the country home in 2023.
Luxury goods players remain highly competitive. With mindful consumption important to many shoppers, luxury players are focusing more on creating innovative products that offer consumers value.
Luxury goods retailing is undergoing changes, with digitalisation changing where consumers shop and how they engage with luxury brands and retailers. This is leading to consumers to seek out luxury brands online, thereby shifting away from traditional retail spaces.
The outlook is bright for luxury goods in Spain, with pent-up demand expected to lead to increased purchases during the forecast period. Retail sales of luxury goods in Spain are predicted to increase at a CAGR of 9% in current value terms (7% 2023 constant value CAGR) over the forecast period to total EUR26 billion in 2028.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Spain 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 Spain, 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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