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Global Luxury Goods Market: By Product: Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse; By Distribution Channel: Offline, Online; By End User: Women, Men, Others; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Luxury Goods Market Outlook

The global luxury goods market stood at a value of around USD 269.4 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 4.73% to reach USD 355.5 billion by 2027.

 

The Offline Segment Based on Distribution Channel Holds a Significant Share in the Global Luxury Goods Industry

The offline segment based on distribution channel provides the convenience of hands-on experience to the customers, which allows them to feel, touch, and sense the product of their choice. This helps enhance the decision-making of consumers. In addition to this, offline purchase of luxury goods broadens the scope of discounts or offers on products, which can lead to a significant amount of cost-cutting. These factors are aiding the segment growth.

 

Global Luxury Goods Market

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The Asia Pacific Accounts for a Significant Share in the Market

The luxury goods industry in the Asia Pacific is driven by the presence of local jewellers and trinket makers in countries like India, China, Mongolia, and some part of Thailand. The rising population in the continent, coupled with the steady economic growth is likely to augment the market in the forecast period. Moreover, rapid urbanisation and the development of luxury stores in emerging economies of the continent are anticipated to bolster the market in the region.

 

Luxury Goods: Market Segmentation

Luxury goods are defined as non-essential but desirable products within a culture or society. The demand for luxury goods fluctuates according to the income of consumers. Luxury goods are expensive and boost the comfort of the consumers.

Based on product, the market can be segmented into:

  • Watches and Jewellery
  • Perfumes and Cosmetics
  • Clothing
  • Bags/Purse
  • Others

The segmentation of the market based on distribution channel is as follows:

  • Offline
  • Online

The major end users of luxury goods include:

  • Women
  • Men
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Growing Demand for Luxury Products owing to the Rising Standards of Living to Bolster the Growth of the Luxury Goods Industry

The growing demand for various kinds of luxury goods such as bags, handbags, and clothing items to enhance presentability is driving the market. The rising purchasing power due to the rising disposable incomes of the middle class is likely to augment the market in the forecast period. Additionally, the increasing inclination of the younger population towards expensive perfumes and cosmetics to enhance appearance and boost confidence at the workplace is likely to provide impetus to the market. Furthermore, the growing awareness among consumers about leading luxury brands is expected to aid the market in the forecast period.

 

Key Industry Players in the Global Luxury Goods Market

The report gives a detailed analysis of the following key players in the global luxury goods market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • LVMH Moet Hennessy-Louis Vuitton SA
  • Compagnie Financiere Richemont SA
  • Kering SA
  • Chow Tai Fook Jewellery Group Limited
  • Luxottica Group SpA
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Distribution Channel, End User, Region
Breakup by Product Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others
Breakup by Distribution Channel Offline, Online
Breakup by End User Women, Men, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered LVMH Moet Hennessy-Louis Vuitton SA, Compagnie Financiere Richemont SA, Kering SA, Chow Tai Fook Jewellery Group Limited, Luxottica Group SpA, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Luxury Goods Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Luxury Goods Historical Market (2017-2021) 
    8.3    Global Luxury Goods Market Forecast (2022-2027)
    8.4    Global Luxury Goods Market by Product
        8.4.1    Watches and Jewellery
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Perfumes and Cosmetics
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Clothing
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
        8.4.4    Bags/Purse
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2017-2021)
            8.4.4.3    Forecast Trend (2022-2027)
        8.4.5    Others
    8.5    Global Luxury Goods Market by Distribution Channel
        8.5.1    Offline
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Online
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Global Luxury Goods Market by End User
        8.6.1    Women
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Men
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Others
    8.7    Global Luxury Goods Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    LVMH Moet Hennessy-Louis Vuitton SA
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Compagnie Financiere Richemont SA
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Kering SA
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Chow Tai Fook Jewellery Group Limited
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Luxottica Group SpA
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Others
13    Industry Events and Developments


List of Key Figures and Tables

1.    Global Luxury Goods Market: Key Industry Highlights, 2017 and 2027
2.    Global Luxury Goods Historical Market: Breakup by Product (USD Billion), 2017-2021
3.    Global Luxury Goods Market Forecast: Breakup by Product (USD Billion), 2022-2027
4.    Global Luxury Goods Historical Market: Breakup by Distribution Channel (USD Billion), 2017-2021
5.    Global Luxury Goods Market Forecast: Breakup by Distribution Channel (USD Billion), 2022-2027
6.    Global Luxury Goods Historical Market: Breakup by End User (USD Billion), 2017-2021
7.    Global Luxury Goods Market Forecast: Breakup by End User (USD Billion), 2022-2027
8.    Global Luxury Goods Historical Market: Breakup by Region (USD Billion), 2017-2021
9.    Global Luxury Goods Market Forecast: Breakup by Region (USD Billion), 2022-2027
10.    North America Luxury Goods Historical Market: Breakup by Country (USD Billion), 2017-2021
11.    North America Luxury Goods Market Forecast: Breakup by Country (USD Billion), 2022-2027
12.    Europe Luxury Goods Historical Market: Breakup by Country (USD Billion), 2017-2021
13.    Europe Luxury Goods Market Forecast: Breakup by Country (USD Billion), 2022-2027
14.    Asia Pacific Luxury Goods Historical Market: Breakup by Country (USD Billion), 2017-2021
15.    Asia Pacific Luxury Goods Market Forecast: Breakup by Country (USD Billion), 2022-2027
16.    Latin America Luxury Goods Historical Market: Breakup by Country (USD Billion), 2017-2021
17.    Latin America Luxury Goods Market Forecast: Breakup by Country (USD Billion), 2022-2027
18.    Middle East and Africa Luxury Goods Historical Market: Breakup by Country (USD Billion), 2017-2021
19.    Middle East and Africa Luxury Goods Market Forecast: Breakup by Country (USD Billion), 2022-2027
20.    Global Luxury Goods Market Structure

Key Questions Answered in the Report

In 2021, the global luxury goods market attained a value of nearly USD 269.4 billion.

The market is estimated to grow at a CAGR of 4.73% between 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach USD 355.5 billion by 2027.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major drivers of the industry, such as the rising demand for bags, handbags, clothing items, and perfumes, among others, increasing disposable incomes, improving living standards, and the expansion of major luxury brands, are expected to aid the market growth.

The key market trends guiding the growth of the industry include the growing e-commerce sector, which is likely to propel the sales of luxury products.

Watches and jewellery, perfumes and cosmetics, clothing, and bags/purse, among others are the major products in the market.

Offline and online are the major distribution channels of the product.

Women, men, and others are the different end users of the product.

The major players in the industry are LVMH Moet Hennessy-Louis Vuitton SA, Compagnie Financiere Richemont SA, Kering SA, Chow Tai Fook Jewellery Group Limited, and Luxottica Group SpA, among others.

Analyst Review

The global luxury goods market attained a value of USD 269.4 billion in 2021, driven by the rising consumer disposable incomes and improving living standards especially in emerging economies. Aided by the growing penetration of leading luxury brands, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 4.73%. The market is projected to reach USD 355.5 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product, the market is divided into watches and jewellery, perfumes and cosmetics, clothing, and bags/purse, among others. On the basis of distribution channel, the market is divided into offline and online. By end user, the market is segmented into women, men, and others. The major regional markets for luxury goods are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include LVMH Moet Hennessy-Louis Vuitton SA, Compagnie Financiere Richemont SA, Kering SA, Chow Tai Fook Jewellery Group Limited, and Luxottica Group SpA, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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