Global Luxury Goods Market

Luxury Goods Market Size, Share, Growth Analysis, By Product(Watches & Jewellery, Perfumes &Cosmetics), By End-User(Men, Women), By Distribution Channel(Offline, Online) - Industry Forecast 2024-2031


Report ID: SQMIG25S2019 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 90 | Figures: 76

Luxury Goods Market Regional Insights

Geographically, Europe is dominating the global luxury goods market. In 2019, Europe generated a revenue of SD 103.86 billion thanks to a strong presence of vast number of major companies, including L'Oréal, LVMH, Burberry, and others. For instance, according to the Savills Global Luxury Retail 2019 Outlook study, London was the top city globally, accounting for 9.6% of new luxury shop openings worldwide in 2018. When compared to 2017, it grew by roughly 38%. According to the same source, Paris came in at number four on the list and contributed 4.7 percent in 2018. A considerable number of luxury fashion weeks are also hosted in nations like Italy, France, and the United Kingdom due to Europe's status as a global fashion powerhouse, which is further expected to spur market expansion. Furthermore, the populace in this area has a strong preference for attractive clothing and accessories, which has fueled the market's expansion.

North America luxury goods market is distinguished by the rising number of wealthy individuals, mostly in the U.S., who have fueled the demand for the products. For instance, according to the Institute for Policy Studies' estimate titled "Billionaire-Bonanza-2020," the number of billionaires in the United States climbed from 298 in 2000 to around 614 in 2020.

Asia Pacific market is expected to expand quickly because the middle-class population in the region is expected to have more discretionary income in the future. Similar to this, more access to luxury brands from around the world would result in higher product consumption. For instance, in July 2020, The British luxury goods giant Burberry announced a partnership with Tencent and the opening of its first social retail store in Shenzhen for Chinese customers. The store's approximate 539 sqm/5800 sqft size includes ten rooms that provide a variety of interactive, tailored retailing experiences. A growing number of professional women in the area have also increased the purchase of luxury goods geared at women, such as purses, designer shoes, and jewellery items, thanks to their rising discretionary income.

As the urban population rises in nations like Brazil and Chile, the South American market is projected to expand steadily. Therefore, it is anticipated that changes in the level of living will increase consumer spending on luxury brands in the area.

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Luxury Goods Market size was valued at USD 230.05 billion in 2019 and is poised to grow from USD 242.8 billion in 2023 to USD 369.8 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

Key players in the luxury goods market priorities tactics including partnerships and new product development to increase their market share. Due to their broad presence in most regional markets and excellent product portfolios, leading corporations hold a significant share. To strengthen their position in the market, luxury firms are concentrating on implementing a variety of initiatives, such as alliances, new product launches, and acquisitions. For instance, on December 11, 2020, L'Oréal and Prada S.p.A. inked a contract allowing L'Oréal to design, produce, and market luxury beauty products for Prada. 'LVMH Moët Hennessy Louis Vuitton SE', 'Kering SA', 'Hermes International SA', 'Chanel SA', 'Richemont SA', 'The Swatch Group Ltd.', 'Burberry Group plc', 'Prada S.p.A.', 'Giorgio Armani S.p.A.', 'Ralph Lauren Corporation', 'Tiffany & Co.', 'Cartier International SNC', 'Salvatore Ferragamo S.p.A.', 'Christian Dior SE', 'Tod's S.p.A.', 'Versace S.p.A.', 'Michael Kors Holdings Limited', 'Coach Inc.', 'Ferragamo S.p.A.', 'Loro Piana S.p.A.'

Increased Wealthy Population Will Support Market Expansion

Trend of embedded products is going strong in the current luxury goods market.

Geographically, Europe is dominating the luxury goods market. In 2019, Europe generated a revenue of SD 103.86 billion thanks to a strong presence of vast number of major companies, including L'Oréal, LVMH, Burberry, and others. For instance, according to the Savills Luxury Retail 2019 Outlook study, London was the top city globally, accounting for 9.6% of new luxury shop openings worldwide in 2018. When compared to 2017, it grew by roughly 38%. According to the same source, Paris came in at number four on the list and contributed 4.7 percent in 2018. A considerable number of luxury fashion weeks are also hosted in nations like Italy, France, and the United Kingdom due to Europe's status as a fashion powerhouse, which is further expected to spur market expansion. Furthermore, the populace in this area has a strong preference for attractive clothing and accessories, which has fueled the market's expansion.

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Global Luxury Goods Market

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