Global shipments of luxury audio electronics continue to rise, reaching a total retail value of $2.8 billion, a 12% rise year-on-year. As many luxury consumers had already invested in high-quality audio products, demand for premium audio dropped considerably in 2022. However, some categories are still recording high growth rates and revenues.
While most regions lifted all Covid restrictions in 2022, there is still a marked preference for at-home audio and video. More streaming services entered the market in the last 2 years and offer audio and video content at higher resolution and in spatial audio formats. This is pushing a higher demand for luxury audio devices like loudspeakers, amplifiers and sound processors, that can be used in complete audio or home theatre setups. Convenient and compact luxury devices that were popular among lifestyle customers and newcomers (e.g. soundbars and wireless speakers) saw lower demand in 2022.