CELINE store Avenue Montaigne, Paris
France was the world?s sixth largest economy in US$ terms in 2016 and its luxury goods market currently stands at number four in the world reaching just over US$22 billion behind the US, China and Japan. Although it avoided recession in the 2011-2016 period, its economic performance was anaemic and its luxury market is facing a number of headwinds.
From November 2015 France was plagued by terrorist attacks, with incidents in Paris, Nice and other parts of the country shaking consumer confidence and deterring international visitor. The social context was also tense, due to ongoing strikes against the new labour law and other industrial action taking place. Domestic spending remained timid, but maintained sales in some key categories, such as designer apparel and footwear (ready-to-wear) and fine wines/champagne and spirits, and consequently held up overall value sales. France remains a luxury shopping destination
Luxury shopping continues to be a major driver for many wealthy tourists worldwide, with numerous destinations considered a ?luxury shopping paradise?. France, with its capitals venerable position as one of the world?s leading fashion districts ? is clearly no exception the rule. France currently stands at no 2 in the world in terms of actual international spending on luxury goods. With an international luxury spending value share of 24% in 2016 France also ranks as one of the highest in the world in terms of weight thanks to in...