Spain’s luxury market declined by 9 percent in the past 3 years
According to the Association of Luxury in Spain, despite the constant sales to foreign travellers, especially tourists, the buying power of Spanish nationals has been decreasing steadily, amid the on-going debt crisis. The luxury sales centres in Spain are Marbella, Madrid and Barcelona, with a handful of international luxury brands present. Spanish luxury houses such as Loewe or Carrera y Carrera export more than 50% of their production abroad. Recently, the Association remarks designer house of Adolfo Dominguez closing several outlet stores in Spain.
This summer, a major luxury retail project outside Madrid has been cancelled and Spain’s largest department store operator El Corte Ingles reported negative results, for the first time in many years.