Luxury Retailing in Australia - Industry Market Research Report

Luxury Retailing in Australia - Industry Market Research Report

Luxury Retailing in Australia

The Luxury Retailing industry has thrived despite challenges posed by the COVID-19 pandemic. Australian luxury retailers have been relatively insulated from the financial instability that has affected most of the global retail sector. Rising household discretionary income and market polarisation have stoked demand for luxury products. The strength of the domestic luxury market has seen international fashion houses like Louis Vuitton and Gucci expand their physical footprints in Australia, especially in Sydney and Melbourne. A rise in demand from younger demographics has provided opportunities for emerging and experimental brands to succeed while allowing heritage brands to reimagine themselves and diversify revenue streams – the shift towards online retailing and crossover partnerships with prominent sportswear and streetwear brands are examples of this trend. Industry-wide revenue is expected to grow at an annualised 5.4% over the five years through 2022-23 and is expected to total $5.3 billion in 2022-23.

The industry consists of bricks-and-mortar retailers that primarily sell luxury fashion items such as clothing, footwear and accessories. Luxury retailers may also operate an online store. The industry excludes department stores and online-only stores that retail luxury products.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.