The Spanish Luxury Products Market to Double its Value by 2025
- Written by: Editor
- Posted: 2018-05-15
The Spanish luxury products market will double its value by 2025, when it is expected to have a total value of EUR 20 billion. More importantly, this segment is growing in Spain twice as fast compared to the global average and businesses operating in this sector can increase their activities by entering the Spanish market.
The value of the Spanish luxury market
Businessmen who want to open a company in Spain providing luxury goods should know that the total value of this market accounted for EUR 9.2 billion in 2017 and even though, at the moment, its total size is smaller compared to other similar European markets, it is increasing at a fast pace, a situation that can create numerous business opportunities for companies operating in this sector.
Our team of Spanish lawyers can advise foreign businessmen on the business permits available for a luxury shop.
The characteristics of the Spanish luxury market
Over the years, the consumer trends related to the purchase of Spanish luxury products changed. At the moment, Spanish shoppers want an exceptional shopping experience. In terms of age, older persons are still the main target of companies operating in the luxury sector, as they have higher incomes, but there is a growing trend to address to young persons, who have an age below 30 years old.
It is estimated that the highest development of the luxury market will be experienced for services related activities, delivered by accommodation units and restaurants (a sector accounting for EUR 1.8 billion). This sector will increase by 10% in the following years, especially in the accommodation industry, as Spain is the leading European destination for tourism activities. Our team of lawyers in Spain can advise on the main tourism regulations available here.
Although Spain positioned itself as a low cost travel destination, accessible to all types of visitors, in the last years, numerous investments were concluded for the establishment of high-class hotels. For example, only in Madrid, 15 new five stars hotels will be set up in the following five years.
Also, Madrid is the second top European destination for the purchase of luxury products and businessmen are invited to contact our law firm in Spain for more details on how to set up a company in this city.