Published on : Friday, January 11, 2019
In 2017, Spain’s luxury sector witnessed sales of €9.2 billion, compared to €29 billion in Italy and €27 billion in France. Experts believe that this figure will rise to €20 billion in six years. The rise will be based on Spain’s power of attraction in the segments of tourism, gastronomy, fashion and on the development of specific products for high-end consumers.
Carlos Falcó, the president of the luxury brand association Círculo Fortuny and head of Eccia said that 2018 did not live up to expectations. “It wasn’t a good year,” Falcó said.
However, Falcó believes that there is still a good outlook for Spanish businesses in the luxury market.
“We are optimistic for 2019,” said José María Folache, the managing director of Tous, a jewelry maker that is among the Spanish brands to be ranked in the global luxury market. Folache further said, “The sector is still doing well. Christmas has been better than expected despite a boycott against Catalan products that meant a few months of losses in Spain. Now we have two or three years of 5% to 10% growth ahead of us.”
Folache highlighted the importance of the millennial generation in the luxury market and boom in online sales, and this is an area that Spain needs to catch up to.