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Global Luxury Goods Market Share, Growth, Size, Trends, 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; 2023-2028
Global Luxury Goods Market Outlook
The global luxury goods market stood at a value of around USD 331.6 billion in 2022 and is expected to grow in the forecast period of 2023-2028 at a CAGR of 4.4% to reach USD 429.36 billion by 2028.
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The Offline Segment Based on Distribution Channel Holds a Significant Share in the Global Luxury Goods Market
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.
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
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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 is segmented into:
- Watches and Jewellery
- Perfumes and Cosmetics
- Clothing
- Bags/Purse
- Others
On the basis of distribution channel, the market is divided into:
- Offline
- Online
The major end users of luxury goods include:
- Women
- Men
The regional markets for luxury goods include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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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 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:
- 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 (2018-2022)
8.3 Global Luxury Goods Market Forecast (2023-2028)
8.4 Global Luxury Goods Market by Product
8.4.1 Watches and Jewellery
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Perfumes and Cosmetics
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Clothing
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Bags/Purse
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Others
8.5 Global Luxury Goods Market by Distribution Channel
8.5.1 Offline
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Online
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Luxury Goods Market by End User
8.6.1 Women
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Men
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Luxury Goods Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.4.1.2 Forecast Trend (2023-2028)
9.4.2 Canada
9.4.2.1 Historical Trend (2018-2022)
9.4.2.2 Forecast Trend (2023-2028)
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 (2018-2022)
10.4.1.2 Forecast Trend (2023-2028)
10.4.2 Germany
10.4.2.1 Historical Trend (2018-2022)
10.4.2.2 Forecast Trend (2023-2028)
10.4.3 France
10.4.3.1 Historical Trend (2018-2022)
10.4.3.2 Forecast Trend (2023-2028)
10.4.4 Italy
10.4.4.1 Historical Trend (2018-2022)
10.4.4.2 Forecast Trend (2023-2028)
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 (2018-2022)
11.4.1.2 Forecast Trend (2023-2028)
11.4.2 Japan
11.4.2.1 Historical Trend (2018-2022)
11.4.2.2 Forecast Trend (2023-2028)
11.4.3 India
11.4.3.1 Historical Trend (2018-2022)
11.4.3.2 Forecast Trend (2023-2028)
11.4.4 ASEAN
11.4.4.1 Historical Trend (2018-2022)
11.4.4.2 Forecast Trend (2023-2028)
11.4.5 South Korea
11.4.5.1 Historical Trend (2018-2022)
11.4.5.2 Forecast Trend (2023-2028)
11.4.6 Australia
11.4.6.1 Historical Trend (2018-2022)
11.4.6.2 Forecast Trend (2023-2028)
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 (2018-2022)
12.4.1.2 Forecast Trend (2023-2028)
12.4.2 Argentina
12.4.2.1 Historical Trend (2018-2022)
12.4.2.2 Forecast Trend (2023-2028)
12.4.3 Mexico
12.4.3.1 Historical Trend (2018-2022)
12.4.3.2 Forecast Trend (2023-2028)
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 (2018-2022)
13.4.1.2 Forecast Trend (2023-2028)
13.4.2 United Arab Emirates
13.4.2.1 Historical Trend (2018-2022)
13.4.2.2 Forecast Trend (2023-2028)
13.4.3 Nigeria
13.4.3.1 Historical Trend (2018-2022)
13.4.3.2 Forecast Trend (2023-2028)
13.4.4 South Africa
13.4.4.1 Historical Trend (2018-2022)
13.4.4.2 Forecast Trend (2023-2028)
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 2028
2. Global Luxury Goods Historical Market: Breakup by Product (USD Million), 2018-2022
3. Global Luxury Goods Market Forecast: Breakup by Product (USD Million), 2023-2028
4. Global Luxury Goods Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
5. Global Luxury Goods Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
6. Global Luxury Goods Historical Market: Breakup by End User (USD Million), 2018-2022
7. Global Luxury Goods Market Forecast: Breakup by End User (USD Million), 2023-2028
8. Global Luxury Goods Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Luxury Goods Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Luxury Goods Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Luxury Goods Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Luxury Goods Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Luxury Goods Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Luxury Goods Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Luxury Goods Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Luxury Goods Market Structure
Key Questions Answered in the Report
In 2022, the global luxury goods market attained a value of nearly USD 331.6 billion.
The market is estimated to grow at a CAGR of 4.4% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 429.36 billion by 2028.
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.
Analyst Review
The global luxury goods market attained a value of USD 331.6 billion in 2022, 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 2023-2028, growing at a CAGR of 4.4%. The market is projected to reach USD 429.36 billion by 2028.
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. 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 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.
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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