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Data presented by Fraîcheur Paris indicates that beauty products accounted for 22% of the 2020 personal luxury goods market. The products ranked second highest after accessories that accounted for 36%. Hard luxury had a share of 21% while apparel also accounted for a share of 21%.

The personal luxury goods market records the biggest drop in a decade

The analysis also overviewed the global personal luxury goods market size between 2010 and 2020. Last year the market size was €217 billion, a drop of 22.77% from 2019’s figure of €281 billion. This was the highest figure in the last decade.

The report highlighted the intrigues around the 2020 personal luxury goods market. The researchers note that:

“The market share of personal luxury goods in 2020 was heavily impacted by the coronavirus pandemic like many other sectors. The market size even recorded the biggest drop in a decade as changes to the consumer mindset forced many to spend more time at home while minimizing non-essential items. There was also reduced air travel, a greater focus on family and self-care.”

The statistics also explored the 2020 global luxury market, which totaled about €1 trillion. Luxury cars accounted for half of the entire market share at €503 billion to occupy the top spot, followed by personal luxury goods at €217 billion.

Luxury hospitality had the third-highest share at €85 billion followed by Fine wines and spirits at €68 billion while Gourmet food occupied the fifth €45 billion.

High-end furniture had a share of €38 billion followed by Fine art at €23 billion while Private jets & yachts accounted for €22 billion. Luxury cruises had the least share at €1 billion.

Commenting on the future outlook for the personal luxury goods market, Fraîcheur Paris Chief Operating Officer Darius Adomaitis states that:

“After a turbulent 2020, the personal luxury goods market will potentailly experience some effects from the pandemic. This year, leading personal luxury brands will need to focus on strengthening their perception in the market to create value. Furthermore, brands will have to return to their roots and enhance their original legacy as a recovery measure. Backed by adherence to popular culture trends and strategic marketing, the sector is projected to make great recovery strides in 2021.”