Global Luxury Retailing Market 2018-2028

Global Luxury Retailing Market 2018-2028

Summary

This report provides an overview of the Global Luxury Retailing which includes Analysis, drivers, inhibitors, market forecasts, brands and trends in the Global Luxury Retailing 2018-2028

The global luxury market will reach $623.9 billion by 2028 as tourism levels bounce back to pre-pandemic levels, enabling strong growth in luxury sales at travel retail outlets. The global luxury retail market is forecasted to rise in 2024, boosted by increasing income levels in developing economies across the globe. APAC will be a driving force in the global luxury market over the next five years, while the Americas is forecasted to underperform. The APAC region saw strong growth of 8.2% in 2023, benefitting from the rising tourism levels and an increasing number of young and affluent consumers. The reopening of the Chinese economy added to this growth, as pent-up luxury demand from traveling Chinese shoppers boosted luxury sales. Accounting for almost a quarter of all global luxury spending in 2023, LVMH’s broad brand portfolio has enabled the group to continue growing its market share over the past five years, rising from 18.3% in 2018 to 24.1% in 2023.

Scope

• Following a post-pandemic boost in recent years, the global luxury market is forecast to see strong and steady growth out to 2028, registering a CAGR of 6.2% between 2023 and 2028, to reach $623.9bn by 2028.
• The Asia-Pacific (APAC) region will experience a surge in the growth of luxury retailing which will drive growth in the global luxury market.
• China is expected to see the fastest growth amongst the top ten countries, supported by rising per capita income in the country.
• LVMH dominates the global luxury market while maintaining robust growth due to its strong portfolio of desirable brands.

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