The latest report from the European Cultural and Creative Industries Alliance (ECCIA), produced in collaboration with the Colbert Committee and Bain & Company, confirms the importance of the luxury sector at European level. Accounting for 5% of European GDP, compared with 4% in 2018, this industry of excellence continues to grow.
Luxury is not only a driver of the French economy, it is also a driver of the European economy. This is the conclusion of the latest report by the European Cultural and Creative Industries Alliance (ECCIA), produced in partnership with the Colbert Committee and Bain & Company.
However, the luxury industry, which accounts for 5% of European GDP, is currently more fragile and unstable than usual. The business climate is all the more uncertain as the sector faces three main threats: tensions between North America and China, tariff increases, and state protectionism.
A confirmed economic power…
If there is one title that Europe can boast, it is that of world leader in the luxury sector, with market shares reaching 70% internationally.
This industry of excellence now generates €986 billion in economic value, or 5% of European GDP. Better still, the sector stimulates craftsmanship and tourism. The sector accounts for 11.5% of European exports and drives 40% of international travel to Europe through luxury shopping tourism.
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