Market Overview:
According to Fortune Business Insights, the Global Luxury Goods Market Size was valued at USD 272.74 billion in 2022. The market is anticipated 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.
Luxury products signify the status symbol of an individual. Businesses focus on high-income populations with visually appealing designs and technology-integrated products. For instance, NFC-installed chips in jewelry; a product called Verselux was created by Cathy Hackl in March 2023.
List of Key Players Profiled in the Report:
- LVHM (France)
- Compagnie Financière Richemont SA (Switzerland)
- Kering SA (France)
- Chow Tai Fook Jewellery Group Limited (Hong Kong)
- The Estée Lauder Companies Inc. (U.S.)
- Luxottica Group SpA (Italy)
- The Swatch Group Ltd. (Switzerland)
- L’Oréal Group (France)
- Ralph Lauren Corporation (U.S.)
- Shiseido Company, Limited (Japan)
COVID-19 Impact:
Low Product Demand during Pandemic Harmed Market Growth
Reduced salaries and loss of jobs during the pandemic made it difficult for the population with low-wages to purchase luxury products. Travel restrictions globally lowered the demand for luxury goods available at cruises and airports at duty free shops.
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Segments:
Fast Fashion Trend Increases Demand for Clothing Segment
By product type, the market is categorized into watches & jewelry, perfumes & cosmetics, clothing, bags/purses, and others. Fast fashion trends and demands from both men and women led the clothing segment to hold a significant market share.
Inclination Toward Grooming by Women to Increase Demand for Luxury Items
By end-user, the market is divided into men and women. The women segment dominates the market due to availability of numerous luxury products such as bracelets, cosmetics, earrings, fragrances, and handbags.
Online Channel to Hold Largest Share due to Greater Convenience in Purchasing
Based on distribution channel, the market is bifurcated into offline and online. Due to the presence of stores and shops, customers can touch and feel the product, which allows the offline segment to hold a significant market share.
Geographically, the market is studied across North America, South America, Europe, Asia Pacific, and the Middle East and Africa.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Increasing High-net Worth Population to Spur Demand
An increasing population with high-net worth drives the market for luxury goods. Businesses selling luxury goods concentrate on Gen-Z and millennial audiences by offering customized products. Around 2,153 billionaires have more wealth than 60% of the global population, which is 4.6 billion, according to the data published in January 2020 by Oxfam International.
On the contrary, purchasing or renting second-hand luxury products hinders the luxury goods market growth.
Regional Insights
Increasing Disposable Income of Individuals in Asia Pacific to Augur Market Growth
Asia Pacific holds the largest luxury goods market share due to its growing population and people’s high disposable income. The availability of luxury items is another factor contributing to the region’s market growth.
Due to the presence of large players in the region, the luxury items market in Europe holds substantial share.
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Competitive Landscape
Key Players Focus on Acquisitions to Sustain Position
Major companies in the market maintain robust product portfolios to maintain their position in the market. Partnerships, acquisitions, and new product developments are prioritized by luxury item companies to maintain dominance.
Key Industry Development:
- November 2022: Estee Lauder Companies, Inc., a global cosmetics maker, acquired Tom Ford, a luxury footwear, handbags, and accessories brand, to expand its business in the Chinese luxury beauty products industry.
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