Consumer Are people looking for luxury?

Despite the economic fallout from the pandemic, prices of luxury goods in both China and Europe have held firm or even risen. However, Google search interest in luxury eCommerce sites has dropped.

17 Apr 2020
  • Prices of luxury bags in China have been stable or increasing. Prada has raised prices 7% since the beginning of this year.
  • In Switzerland, prices of Rolex and Omega watches are up 3%.
  • Search interest for luxury in the UK, Italy and Germany saw a steeper decline in Q1 2020 relative to the same period in the previous two years.
  • In the UK and Italy, the search popularity of major luxury eCommerce platforms fell to the lowest level since Q3 2017.
  • However, the UK and Germany saw an uptick in search in the first week of March.

Luxury Bag Prices in China

Source: UBS Evidence Lab

Luxury Watch Prices in Switzerland

Source: UBS Evidence Lab

UK: Google search interest in luxury eCommerce sites

Source: UBS Evidence Lab, Google

Italy: Google search interest in luxury eCommerce sites

Source: UBS Evidence Lab, Google

Germany: Google search interest in luxury eCommerce sites

Source: UBS Evidence Lab, Google