2011 – The German Luxury Market is Growing Rapidly
The German market is and remains the most attractive growth market for luxury brands. No other European country can compete with these growth rates. Next to the Asian growth countries, Germany remains one of the expanding markets for the major luxury companies.
All market segments recorded strong positive development: sales of watches, jewelry, and fashion & accessories were all up by more than 20% in 2011 compared to 2010. The main growth drivers were the increasingly positive attitude of German consumers toward luxury brands, the rising number of well-heeled tourists visiting German cities, and the expansion of product ranges by luxury manufacturers. Suppliers again expect significant growth in 2012 and are planning to support it by investing in their own stores, boosting marketing and hiring new staff.