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Luxury Goods Market Size, Share, Trends, Growth Outlook

Luxury Goods Market Size, Share, Trends, Growth Outlook, and Opportunities to 2030- By Product (Apparels, Watches, Jewelry, Handbags, Perfumes & Cosmetics, Footwear, Others), By End-User (Men, Women), Countries and Companies Report

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  • Retail
  • Luxury Goods
  • |Published Month : May, 2024
  • |No. of Pages : 210

Global Luxury Goods Market is forecast to register a CAGR of 4.3% from $302.8 Billion in 2024 to $389.8 Billion in 2030 driven by new product launches by companies.

The global Luxury Goods Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Product (Apparels, Watches, Jewelry, Handbags, Perfumes & Cosmetics, Footwear, Others), By End-User (Men, Women).

An Introduction to Luxury Goods Market in 2024

The luxury goods market in 2024 reflects the evolving consumer preferences, digital influence, and brand exclusivity in the luxury retail sector. Luxury goods encompass high-end fashion, accessories, jewelry, watches, cosmetics, and premium consumer products, catering to affluent consumers' lifestyle aspirations and status symbols. With the rise of luxury e-commerce, personalized shopping experiences, and sustainability concerns, luxury brands focus on digital strategies, experiential retail, and ethical practices to engage discerning consumers. The market is characterized by brand heritage, craftsmanship, and exclusivity, driving demand for luxury experiences, limited editions, and bespoke offerings in the global luxury goods industry.

Luxury Goods Market Competitive Landscape

The market report analyses the leading companies in the industry including Audemars Piguet Holding SA, Burberry Group PLC, Chanel LTD, Coty Inc, Estée Lauder Companies Inc, Hermès International S.A., Hugo Boss AG, Kering SA, L'Oréal S.A., LVMH Group, Omega, Pandora Inc, PATEK PHILIPPE SA, Prada S.p.A, RALPH LAUREN, Richemont S.A., Rolex SA, Shiseido Company Ltd, Swarovski.

Luxury Goods Market Dynamics

Market Trend: Shift Towards Digital and Online Luxury Shopping

The most prominent trend in the Luxury Goods market is the shift towards digital and online luxury shopping experiences. With the increasing digitalization of retail, luxury brands are investing in online platforms, e-commerce channels, and immersive digital experiences to reach a broader customer base. This trend includes the development of luxury brand websites, virtual showrooms, social media engagement, and mobile shopping apps, driving market growth in the digital luxury goods segment.

Market Driver: Rising Affluence and Demand from Emerging Markets

A significant driver for the Luxury Goods market is the rising affluence and demand from emerging markets. As disposable incomes increase in countries such as China, India, Brazil, and Russia, there is a growing consumer base for luxury products and experiences. Factors such as urbanization, globalization, aspirational lifestyles, and brand consciousness drive the demand for luxury goods across various categories, including fashion, accessories, cosmetics, jewelry, and luxury automobiles.

Market Opportunity: Personalization and Customization Services

One potential opportunity in the Luxury Goods market lies in offering personalized and customization services to affluent consumers. Collaborating with technology providers and leveraging data analytics presents opportunities to create bespoke luxury experiences, customized products, and personalized recommendations based on individual preferences, style preferences, and purchasing history. Capitalizing on this opportunity involves enhancing customer engagement, loyalty, and brand exclusivity by delivering tailored luxury offerings that resonate with the unique tastes and preferences of high-net-worth individuals, thereby driving sales and brand differentiation in the competitive luxury goods market.

Luxury Goods Market Share Analysis: Rapid Growth in Luxury Handbags Segment Driven by Evolving Fashion Trends

Among the segments in the Luxury Goods market, the fastest-growing segment is Luxury Handbags. This growth is primarily fueled by evolving fashion trends and the increasing preference for luxury accessories among both men and women. Luxury handbags are no longer just functional items; they have become symbols of status, style, and personal expression. With the rise of social media and fashion influencers, consumers are more aware of luxury brands and their latest collections, leading to heightened demand for luxury handbags. Furthermore, luxury handbags offer exclusivity, craftsmanship, and timeless appeal, making them coveted items among fashion enthusiasts and luxury connoisseurs. The expansion of luxury brands into emerging markets and the growing disposable income of affluent consumers also contribute significantly to the growth of the Luxury Handbags segment.

Luxury Goods Market Segmentation-

By Product
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End-User
Men
WomenGeographical Analysis
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)

Luxury Goods Market Companies Profiled

Audemars Piguet Holding SA
Burberry Group PLC
Chanel LTD
Coty Inc
Estée Lauder Companies Inc
Hermès International S.A.
Hugo Boss AG
Kering SA
L'Oréal S.A.
LVMH Group
Omega
Pandora Inc
PATEK PHILIPPE SA
Prada S.p.A
RALPH LAUREN
Richemont S.A.
Rolex SA
Shiseido Company Ltd
Swarovski*- List Not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Luxury Goods Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Luxury Goods Market Size Outlook, $ Million, 2021 to 2030
3.2 Luxury Goods Market Outlook by Type, $ Million, 2021 to 2030
3.3 Luxury Goods Market Outlook by Product, $ Million, 2021 to 2030
3.4 Luxury Goods Market Outlook by Application, $ Million, 2021 to 2030
3.5 Luxury Goods Market Outlook by Key Countries, $ Million, 2021 to 2030

4 Market Dynamics
4.1 Key Driving Forces of Luxury Goods Industry
4.2 Key Market Trends in Luxury Goods Industry
4.3 Potential Opportunities in Luxury Goods Industry
4.4 Key Challenges in Luxury Goods Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Luxury Goods Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Luxury Goods Market Outlook by Segments
7.1 Luxury Goods Market Outlook by Segments, $ Million, 2021- 2030
By Product
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End-User
Men
Women

8 North America Luxury Goods Market Analysis and Outlook To 2030
8.1 Introduction to North America Luxury Goods Markets in 2024
8.2 North America Luxury Goods Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Luxury Goods Market size Outlook by Segments, 2021-2030
By Product
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End-User
Men
Women
9 Europe Luxury Goods Market Analysis and Outlook To 2030
9.1 Introduction to Europe Luxury Goods Markets in 2024
9.2 Europe Luxury Goods Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Luxury Goods Market Size Outlook by Segments, 2021-2030
By Product
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End-User
Men
Women
10 Asia Pacific Luxury Goods Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Luxury Goods Markets in 2024
10.2 Asia Pacific Luxury Goods Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Luxury Goods Market size Outlook by Segments, 2021-2030
By Product
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End-User
Men
Women
11 South America Luxury Goods Market Analysis and Outlook To 2030
11.1 Introduction to South America Luxury Goods Markets in 2024
11.2 South America Luxury Goods Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Luxury Goods Market size Outlook by Segments, 2021-2030
By Product
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End-User
Men
Women
12 Middle East and Africa Luxury Goods Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Luxury Goods Markets in 2024
12.2 Middle East and Africa Luxury Goods Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Luxury Goods Market size Outlook by Segments, 2021-2030
By Product
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End-User
Men
Women 13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Audemars Piguet Holding SA
Burberry Group PLC
Chanel LTD
Coty Inc
Estée Lauder Companies Inc
Hermès International S.A.
Hugo Boss AG
Kering SA
L'Oréal S.A.
LVMH Group
Omega
Pandora Inc
PATEK PHILIPPE SA
Prada S.p.A
RALPH LAUREN
Richemont S.A.
Rolex SA
Shiseido Company Ltd
Swarovski

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Product
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End-User
Men
Women
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)

Frequently Asked Questions

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