Spanish luxury market to grow 5.5% this year

The Spanish luxury goods industry is estimated to reach 6 billion euros in sales this year, representing a 5.5% growth on last year fuelled by exports and the country’s economic recovery.

According to new research from Luxury Spain, published by Efe, exports will account for 52% of all sales of Spanish luxury goods. 

Domestic demand will grow 2% in 2016, contributing 25% to the total revenue, while revenue from international sales will remain stable and account for 23.5% of the total.

“International consumers are increasingly visiting Spain to acquire high-quality Spanish-made products. Our firms are valued for their innovation and tradition,” said Cristina Martin, president of Luxury Spain.

Spanish companies, she pointed out, don’t belong to big corporations or have big budgets. They stand out for their exclusivity and excellence, she said.

Barcelona will continue to lead the country’s luxury sales growth with a 32% share – same as in 2015.

It will be followed by Marbella accounting for 26%, Madrid (17%), Ibiza (9%), and Mallorca (6%).

Fine food and beauty will be the sector’s best performing segments and account for 63.9% of all sales, up 5.2% on last year.

Fashion and accessories will be boosted by sales of jewellery and leather goods as ‘Made in Spain’ products continue to gain momentum.

In terms of demographics, the majority of luxury goods consumers (52.6%) are men and more than half of all consumers (55%) are aged between 35 and 54 years old.

They have an average income of 140,000 euros a year, 87% of all consumers are married and the vast majority has a university degree.

The average personal spend on luxury goods was estimated to reach 2,650 euros for fine food, 2,279 euros for fashion, footwear and accessories, 2,052 euros for beauty, 2,290 euros for jewellery and 2,542 euros for art pieces.