How does the luxury industry contribute to the French economy?
International Business News – According to Bain & Company, the global luxury goods market will grow by 15% year-on-year to reach 353 billion euros in 2022, with France in the absolute lead, with 130 of the world’s 270 luxury brands originating in France, according to a report in Le Figaro on May 12.
Although the value of the luxury industry accounts for only 1.7% of France’s GDP, its impact on the economy is significant and growing rapidly. 70 billion euros of French luxury exports in 2022, up 18% year-on-year. The exports of LVMH alone reach 11 billion euros, and the annual tax payment is more than 4.5 billion euros, making it a major taxpayer in France.
In addition, the luxury industry is a strong driver of employment in France, with more than 1 million jobs directly or indirectly dependent on luxury goods. The luxury goods industry has also enhanced the image of France in the world, and “Made in France” has become a synonym of high quality.