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French Luxury Retail Market 2023 report cover French Luxury Retail Market 2023 report cover


French Luxury Retail Market in 2023

The post-Covid rebound in business has been significant in Europe, and particularly in the French market, where Paris has held its own against the major European capitals.

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French Luxury Retail Market in 2023

Vincent Ascher • 17/03/2023

Global sales consolidate

Despite international economic and geopolitical turbulence, the global luxury goods market has shown resilience, continuing the growth that began with the post-pandemic recovery in 2021. The performance of the luxury goods industry reached €1,384 billion in 2022, up 21% on 2021, underpinned by the spectacular recovery in hotels (+110%) and sales of luxury personal goods (+22%).

The major brands in luxury are outperforming: a rush to critical size?

According to Bain & Company, the world's top 12 luxury goods groups have generated sales growth in 2022, on a par with 95% of luxury brands. The uncontested leader in the 2022 market is LVMH, which is well ahead of the other groups, with sales of nearly €80 billion in 2022 (+23% on a reported basis), accounting for a third of the sales of the world's top 12 groups. 

Massive return of a predominantly European and American tourist clientele

The Paris 2022 hospitality indicators, and in particular the Luxury and Palaces category, showed a significant increase in their performance in terms of revenue compared with the previous year, despite an occupancy rate that has not returned to its pre-Covid level. 2019 despite an occupancy rate that has not returned to its pre-Covid level.

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