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Global Luxury Goods Market Size, Share, Growth, Analysis: By Product: Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others; By Distribution Channel: Offline, Online; By End User: Women, Men; Regional Analysis; Market Dynamics; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Luxury Goods Market Outlook
The global luxury goods market size was around USD 346.19 billion in 2023. The market is projected to grow in the forecast period of 2024-2032 at a CAGR of 4.4% to reach USD 510.06 billion by 2032.
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 like Rolex watches, high-end perfumes, or Louis Vuitton handbags are expensive but are known to boost the comfort of consumers and offer premium experience.
Within the luxury sector, personal luxury goods represent the second-largest category after luxury cars. Personal luxury goods encompass products like luxury apparel, accessories, eyewear, watches, and jewellery.
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Luxury Goods Market Trends
Growing global demand for luxury perfumes and cosmetic products
The increasing inclination of the younger population towards expensive perfumes and cosmetics to enhance appearance and boost confidence is likely to provide impetus to the market. These products are often associated with a certain social status. Furthermore, the growing awareness among consumers about leading luxury brands, coupled with their growing penetration, is expected to aid the market in the forecast period.
Luxury brands expanding their online presence and leveraging advanced technologies to offer premium services
High-end retailers are increasingly focusing on expanding their online presence amidst changing shopping habits and are also leveraging advanced technologies to improve customer shopping experience. Private online appointments enable one-on-one interaction with experts and features like a digital showroom tour allow shoppers to view the collection in real-time from anywhere. The online channels broaden the scope of offering personalised services to affluent customers, allowing luxury retailers to offer quality products along with premium customer services- an area where luxury retailers excel- distinguishing luxury from other verticals.
Global Luxury Goods Market Share by Region
Asia Pacific is among the leading regional markets for luxury goods
The Asia Pacific luxury goods market growth can be attributed to factors like increasing expenditure of consumers on premium products, changing consumption habits, and growing fashion awareness. 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 expansion of luxury stores in emerging economies of the continent are anticipated to bolster the market share. Within the region, China is the market leader in the personal luxury goods sector and significantly contributes to the overall market revenue.
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Luxury Goods Market Segmentations
Based on product, the market is segmented into:
- Watches and Jewellery
- Perfumes and Cosmetics
- Clothing
- Bags/Purse
- Others
The demand for luxury watches and jewellery is significantly higher compared to other product types since they help enhance one's look and serve as a timeless investment. These pieces when purchased from a reputable brand hold their value and stand the test of time.
On the basis of distribution channel, the market is divided into:
- Offline
- Online
The offline segment provides the convenience of hands-on experience to customers, which allows them to feel, touch, and sense the product of their choice. This helps enhance the decision-making of consumers.
The major end users of luxury goods include:
- Women
- Men
Women are the major consumers of luxury bags/purse and cosmetic products and thus significantly contribute to the market revenue.
The regional markets for luxury goods include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Luxury Goods Market Analysis
The growing demand for various kinds of luxury goods such as bags, handbags, and clothing items, to enhance presentability is driving the market. The improving living standards of people due to the rising disposable income of the middle class is likely to augment the market in the forecast period.
Luxury goods companies are focusing on cross-industry collaborations and strategic partnerships, discovering innovative ways of enhancing their portfolios and customer services. Collaborations among experienced players in the digital/technology sector and innovative startups are expected to accelerate new product developments while minimising their environmental impact. Innovation is expected to be the game changer in the fashion and luxury industry.
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Key Players in the Market
The luxury goods market report by EMR offers a detailed analysis of the following key players, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, capacity expansions, and plant turnarounds:
- Louis Vuitton Malletier
- Guccio Gucci S.p.A.
- Chanel Limited
- Hermès International S.A.
- Cartier SA
- Christian Dior Couture
- Rolex SA
- Estée Lauder Inc
- Tiffany & Co.
- Luxottica Group S.p.A.
- Gianni Versace S.r.l
- Giorgio Armani S.p.A
- VALENTINO S.p.A.
- Ralph Lauren Media LLC
- Yves Saint Laurent
- 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.
Latest Market Developments
In August 2023, Tapestry announced to acquire Capri Holdings, home to iconic brands Jimmy Choo, Michael Kors, and Versace, in a deal worth USD 8.5 billion. Tapestry, which owns luxury brands like Coach, Kate Spade, and Stuart Weitzman, expects to close the deal in 2024, creating an American fashion giant better positioned to compete in the luxury market against European heavyweights.
In April 2021, LVMH, Richemont, and Prada Group announced to enter into a strategic partnership to develop a platform called the Aura Blockchain Consortium.34, which will allow consumers to access and view the product history starting from its sourcing to sales, establishing the authenticity of luxury goods. Such technological innovations are expected to enhance the luxury goods market demand.
In 2021, Hermès unveiled a new edition of its classic luxury piece, Victoria travel bag, primarily made using lab-grown mycelium called as Sylvania- a hybrid of nature and biotechnology. The bag was originally crafted using calfskin and lined in canvas but the focus has shifted to utilising sustainable production methods.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Distribution Channel |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Luxury Goods Market Analysis
8.1 Key Industry Highlights
8.2 Global Luxury Goods Historical Market (2018-2023)
8.3 Global Luxury Goods Market Forecast (2024-2032)
8.4 Global Luxury Goods Market by Product
8.4.1 Watches and Jewellery
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Perfumes and Cosmetics
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Clothing
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Bags/Purse
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Luxury Goods Market by Distribution Channel
8.5.1 Offline
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Online
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Luxury Goods Market by End User
8.6.1 Women
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Men
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Luxury Goods Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Luxury Goods Market Analysis
9.1 Market by Product
9.2 Market by Distribution Channel
9.3 Market by End User
9.4 Market by Country
9.4.1 United States of America
9.4.1.1 Historical Trend (2018-2023)
9.4.1.2 Forecast Trend (2024-2032)
9.4.2 Canada
9.4.2.1 Historical Trend (2018-2023)
9.4.2.2 Forecast Trend (2024-2032)
10 Europe Luxury Goods Market Analysis
10.1 Market by Product
10.2 Market by Distribution Channel
10.3 Market by End User
10.4 Market by Country
10.4.1 United Kingdom
10.4.1.1 Historical Trend (2018-2023)
10.4.1.2 Forecast Trend (2024-2032)
10.4.2 Germany
10.4.2.1 Historical Trend (2018-2023)
10.4.2.2 Forecast Trend (2024-2032)
10.4.3 France
10.4.3.1 Historical Trend (2018-2023)
10.4.3.2 Forecast Trend (2024-2032)
10.4.4 Italy
10.4.4.1 Historical Trend (2018-2023)
10.4.4.2 Forecast Trend (2024-2032)
10.4.5 Others
11 Asia Pacific Luxury Goods Market Analysis
11.1 Market by Product
11.2 Market by Distribution Channel
11.3 Market by End User
11.4 Market by Country
11.4.1 China
11.4.1.1 Historical Trend (2018-2023)
11.4.1.2 Forecast Trend (2024-2032)
11.4.2 Japan
11.4.2.1 Historical Trend (2018-2023)
11.4.2.2 Forecast Trend (2024-2032)
11.4.3 India
11.4.3.1 Historical Trend (2018-2023)
11.4.3.2 Forecast Trend (2024-2032)
11.4.4 ASEAN
11.4.4.1 Historical Trend (2018-2023)
11.4.4.2 Forecast Trend (2024-2032)
11.4.5 South Korea
11.4.5.1 Historical Trend (2018-2023)
11.4.5.2 Forecast Trend (2024-2032)
11.4.6 Australia
11.4.6.1 Historical Trend (2018-2023)
11.4.6.2 Forecast Trend (2024-2032)
11.4.7 Others
12 Latin America Luxury Goods Market Analysis
12.1 Market by Product
12.2 Market by Distribution Channel
12.3 Market by End User
12.4 Market by Country
12.4.1 Brazil
12.4.1.1 Historical Trend (2018-2023)
12.4.1.2 Forecast Trend (2024-2032)
12.4.2 Argentina
12.4.2.1 Historical Trend (2018-2023)
12.4.2.2 Forecast Trend (2024-2032)
12.4.3 Mexico
12.4.3.1 Historical Trend (2018-2023)
12.4.3.2 Forecast Trend (2024-2032)
12.4.4 Others
13 Middle East and Africa Luxury Goods Market Analysis
13.1 Market by Product
13.2 Market by Distribution Channel
13.3 Market by End User
13.4 Market by Country
13.4.1 Saudi Arabia
13.4.1.1 Historical Trend (2018-2023)
13.4.1.2 Forecast Trend (2024-2032)
13.4.2 United Arab Emirates
13.4.2.1 Historical Trend (2018-2023)
13.4.2.2 Forecast Trend (2024-2032)
13.4.3 Nigeria
13.4.3.1 Historical Trend (2018-2023)
13.4.3.2 Forecast Trend (2024-2032)
13.4.4 South Africa
13.4.4.1 Historical Trend (2018-2023)
13.4.4.2 Forecast Trend (2024-2032)
13.4.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Louis Vuitton Malletier
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Guccio Gucci S.p.A.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Chanel Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Hermès International S.A.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Cartier SA
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Christian Dior Couture
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Rolex SA
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Estée Lauder Inc
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Tiffany & Co.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Luxottica Group S.p.A.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Gianni Versace S.r.l
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Giorgio Armani S.p.A
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 VALENTINO S.p.A.
15.2.13.1 Company Overview
15.2.13.2 Product Portfolio
15.2.13.3 Demographic Reach and Achievements
15.2.13.4 Certifications
15.2.14 Ralph Lauren Media LLC
15.2.14.1 Company Overview
15.2.14.2 Product Portfolio
15.2.14.3 Demographic Reach and Achievements
15.2.14.4 Certifications
15.2.15 Yves Saint Laurent
15.2.15.1 Company Overview
15.2.15.2 Product Portfolio
15.2.15.3 Demographic Reach and Achievements
15.2.15.4 Certifications
15.2.16 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Luxury Goods Market: Key Industry Highlights, 2018 and 2032
2. Global Luxury Goods Historical Market: Breakup by Product (USD Million), 2018-2023
3. Global Luxury Goods Market Forecast: Breakup by Product (USD Million), 2024-2032
4. Global Luxury Goods Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
5. Global Luxury Goods Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
6. Global Luxury Goods Historical Market: Breakup by End User (USD Million), 2018-2023
7. Global Luxury Goods Market Forecast: Breakup by End User (USD Million), 2024-2032
8. Global Luxury Goods Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Luxury Goods Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Luxury Goods Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Luxury Goods Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Luxury Goods Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Luxury Goods Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Luxury Goods Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Luxury Goods Market Structure
Key Questions Answered in the Report
The global luxury goods market value for 2023 is estimated to be nearly USD 346.19 billion.
The market is estimated to grow at a CAGR of 4.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 510.06 billion by 2032.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market are 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.
The key market trends guiding the growth of the market 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 and men are the different end users in the market.
The major players in the market are Louis Vuitton Malletier, Guccio Gucci S.p.A., Chanel Limited, Hermès International S.A., Cartier SA, Christian Dior Couture, Rolex SA, Estée Lauder Inc, Tiffany & Co., Luxottica Group S.p.A., Gianni Versace S.r.l, Giorgio Armani S.p.A, VALENTINO S.p.A., Ralph Lauren Media LLC, and Yves Saint Laurent, among others.
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