Europe is the birthplace of modern luxury brands. European countries have their roots as former kingdoms and royal houses have always supported the luxury industry, which has employed a large number of people in different industries and the industry has required all sort of skills in order to thrive.
As a result, Europe is one of the largest luxury markets in the world, it might be even the biggest because when you combine France, Italy, the United Kingdom, Germany, and Russia together, the market size will be 65.1 billion euros only in the personal luxury goods market.
In contrast, the market size of the United States is 78.6 billion euros. Other 45 European countries have not been listed. 13.5 billion euros can be quite effortlessly reached because countries like Spain, Switzerland, Belgium, Netherlands, Norway, Poland and many other countries have not been listed. Belgium has the world's largest diamond exchange.
Modern luxury shoppers have the privilege to get to know the historical roots of current luxury brands, especially when shoppers decide to visit Europe. Europe has global luxury brands, which are dominating their own fields such as Chanel, Dior, Versace, Gucci, Prada, Louis Vuitton, Bottega Veneta, Cartier, Patek Philippe, Rolex, Constantin Vacheron, Moët & Chandon, Dom Perignon, Bollinger, Krug, Cristal, Ferrari, Maserati, Rolls-Royce, Lamborghini, Maybach, McLaren and many other extraordinary brands. But there are also very small boutique brands, which do not make a loud noise because they want to remain secretive and they want to serve a tiny portion of special clients.
Luxury shoppers can visit London, Paris, Milan, Berlin, Stockholm, Monaco, Marbella, Capri, St. Tropez, Santorini and many other luxury destinations, while they travel in Europe. World-famous department stores such as Harrods, Selfridges, Galeries Lafayette, La Rinascente, Nordiska Kompaniet, GUM, El Corte Ingles, Stockmann and many other places are great destinations to visit if shoppers want to experience multiple brands under one roof.
My alma mater Anglia Ruskin University, Lord Ashcroft International Business School and Harrods created a work-based programme for many years in order to enhance customer experiences in the iconic department store. Hence, European universities are heavily involved in the luxury industry by teaching students and doing valuable research work.
Not to forget the world-famous Champagne area in France, which has the exclusive rights to produce champagne for the whole world. Champagne only comes from that specific region nowadays and the soil is extra special to grow grapes.
Europe is not for visiting only because many non-Europeans have bought summer villas and even great mansions in Europe. South of France is also one of the best places to showcase magnificent superyachts, which can be described as floating palaces. Europe is a truly great place to be and it is always open for business.
Published in Luxury Sales Academy.