Splendid business for the luxury sector in germany

By 2025, the german luxury market could grow from 65 billion to 89 billion euros in sales, wrote EY expert xenia abrosimowa in a corresponding study.

German manufacturers scored above all with technology and craftsmanship. The industry is growing – but there is one major exception: the sales figures for classic luxury watches are falling steadily. The authors of the study explained that this was due to the loss of function of the traditional wristwatch and the advance of smart watches.

The target group for luxury products has become much broader in recent years: today, “not only the wealthy can afford expensive products,” he says. In view of the “democratization of luxury”, staging and exclusivity are all the more important to justify high prices. Even the purchase of a luxury product has to become an experience again, the business consultants reminded the manufacturers. This includes advice, funf- star service and “directly experienced fulfillment of needs” in the most attractive stores. With virtual reality or 3d printing, they could be even more responsive to individual customers there.

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