Luxury Goods Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Luxury Goods Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Luxury Goods Market

The luxury goods market size was valued at USD 272.74 billion in 2022, and the market is now projected to grow from USD 284.00 billion in 2023 to USD 392.40 billion by 2030, exhibiting a CAGR of 4.7% during the forecast period of 2023-2030.

The COVID-19 pandemic created significant opportunities on the luxury goods market growth as curbing coronavirus outbreak was prioritized. The low-income gathering of the populace for the most part dodges interest in extreme things. Being insignificant items, extravagance items encountered a pessimistic interest during the pandemic, as individuals battled to buy day to day required products. The deficiency of business and decrease in compensations prompted changes in the pay level of the functioning gatherings in the year 2020. Also, remain at-home requests diminished the need to possess such premium items. The lockdown likewise prompted the dropping or deferment of a few designs related occasions and festivities, influencing the interest for individual extravagance products. Furthermore, the crossing out of visits and excursions additionally hurt the acquisition of such items during movement, like those bought in obligation free shops on air terminals or travels.

The luxury goods market share globally has been contributed due to the Rising Number of Rich Populace. Luxury Goods, as the name recommends, are items significantly investigated by high total assets people. A rising number of major league salary populace bunches is set to move the market development. For example, according to Oxfam International’s information distributed in January 2020, around 2,153 tycoons overall have more abundance than around 4.6 billion individuals, who contain 60% of the worldwide populace.

Furthermore, there’s been a notable trend of Rise of Innovation Implanted Items. Innovatively made and chic merchandise that join innovation components in gems things, satchels, or goggles will probably expand item interest. For example, in Walk 2023, a development lab, Cathy Hackl, sent off VerseLux, a luxury, very good quality gems outfitted with Close Field Correspondence (NFC) contributes China. Essentially, in April 2023, extravagance clothing and embellishments brand Mentor sent off Coachtopia, a line of extravagance formed items like packs, wallets, footwear, and pieces of clothing outfitted with NFC chips. These items are accessible in the U.S., Canada, the U.K., and Asian business sectors.

Comprehensive Luxury Goods Market

Premium items are key elements displaying the superficial point of interest of its proprietor. Such items' fantastic quality and high strength come at the greatest cost, reasonable to just a little worldwide populace. Consequently, organizations are focusing on a well-off populace with imaginative plans, as the item cost is typically not the measures for such gatherings, wherein the uniqueness and prominence of the item are the critical game changers before their buy.

Asia Pacific market remained at USD 109.42 billion out of 2022. The Asia Pacific market is projected to become quickly because of expanding expendable earnings of the district's working-class populace. Essentially, the rising admittance to worldwide extravagance brands would prompt expanded item utilization. For example, in July 2020, Burberry, a U.K.- based extravagance items organization, reported its most memorable social retail location in Shenzhen, for Chinese purchasers, alongside Tencent's organization. The store ranges around 539 sqm/5,800 sqft, with around 10 rooms offering different intelligent, customized retailing encounters. Besides, a flooding number of working ladies in the locale has sped up the utilization of ladies driven extravagance items, like satchels, top of the line footwear, and jewelry items, with their developing discretionary cashflow.

The top players in the market play a crucial role in the luxury goods market assuring industrial prospectus growth and setting market standards. These players include, LVMH (France), Compagnie Financière Richemont SA (Switzerland), Kering SA (France), Chow Tai Fook Jewellery Group Limited (Hong Kong), The Estée Lauder Companies Inc. (U.S.) these market players provide a level-playing competitive landscape.

In April 2023, Hello Harper, a Portugal-based luxury jewelry creator, sent off Titled ICONS, another container assortment of adornments items in the U.K. The assortment incorporates the Plated Thistles Ear Sleeve, PETALS Winding Arm band, precious stone Blossom Ring, Nursery OF LIGHT Pin, and others.

Segmentation Table

Luxury Goods Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2023-2030

Growth Rate CAGR of 4.7% from 2023-2030

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, End-User, and Region

By Type Watches & Jewelry

Perfumes & Cosmetics

Clothing

Bags/Purses

Others

By End-User

Women

Men

By Region North America (By Type, End-User, and Country)

- U.S. (By Type and End-User)

- Canada (By Type and End-User)

Europe (By Type, End-User, and Country/Sub-region)

- U.K. (By Type and End-User)

- Germany (By Type and End-User)

- France (By Type and End-User)

- Italy (By Type and End-User)

- Spain (By Type and End-User)

- Rest of Europe (By Type and End-User)

Asia Pacific (By Type, End-User, and Country/Sub-region)

- China (By Type and End-User)

- Japan (By Type and End-User)

- India (By Type and End-User)

- Australia (By Type and End-User)

- Rest of Asia Pacific (By Type and End-User)

Latin America (By Type, End-User, and Country/Sub-region)

- Brazil (By Type and End-User)

- Mexico (By Type and End-User)

- Rest of Latin America (By Type and End-User)

Middle East & Africa (By Type, End-User, and Country/ Sub-region)

- GCC (By Type and End-User)

- South Africa (By Type and End-User)

- Rest of Middle East & Africa (By Type and End-User)