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Despite Sub-Saharan Africa’s GDP per capita dropping to US$1,540 and inflation soaring to 15.28%, SA’s luxury market continues to grow, driven by strong consumer demand and a rapidly expanding pre-owned segment, according to the report.
SA has emerged as Africa’s premier luxury destination, defying economic pressures with a thriving high-end retail sector, according to the seventh annual State of the Luxury Market report by Luxity.
Despite Sub-Saharan Africa’s GDP per capita dropping to USD 1,540 and inflation soaring to 15.28%, SA’s luxury market continues to grow, driven by strong consumer demand and a rapidly expanding pre-owned segment, according to the report.
Revenue in the Luxury Goods market amounts to USD 918.50m in 2024. The market is expected to grow annually by 3.93% (CAGR 2024-2029). The market’s largest segment is the segment Luxury Fashion with a market volume of USD 273.90m in 2024.
In global comparison, most revenue is generated in China (USD 102bn in 2024). In relation to total population figures, per-person revenues of USD 15.05 will be generated in 2024. In the Luxury Goods market, 6.7% of total revenue will be generated through online sales by 2024.
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Revenue in the Luxury Goods market amounts to USD 918.50m in 2024. The country is home to some of the biggest names in fashion, including Ferragamo, Louis Vuitton, Dior, and Gucci, who have all opened stores in South Africa over the last decade. New players are entering the market as focus shifts to second and third-tier cities, with many keen to tap into the rising number of high-net-worth individuals (HNWI).
