Luxury market slows down worldwide, but not in Switzerland
Keystone-SDA
The luxury market is slowing down worldwide in the wake of falling demand in important regions such as China, but continues to pull in Switzerland.
+Get the most important news from Switzerland in your inbox
In 2024, it grew by a further 3.5% to reach a volume of CHF5.4 billion, according to an analysis published today by the consulting firm EY.
Purchases of luxury goods in branded stationary shops in Switzerland amount to 53% of the total, which is significantly lower than the 75% recorded in other countries. In a survey, nine out of ten Generation Z respondents in Switzerland said they were willing to pay for an exclusive retail experience, a very high share worldwide.
“The survey results clearly show how central the brand experience has become for consumers,” said Fabian Wehren, expert at EY, quoted in a statement. “Especially in Switzerland, where luxury goods are bought online more often than average, there is a need to catch up in terms of digital consumer experience. To remain successful in the long run, the industry needs to invest more in innovative technologies such as shopping experiences supported by artificial intelligence and new business models,” the specialist concludes.
Translated from Italian by DeepL/jdp
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
