Market Overview:
Luxury Goods Market size is projected to reach USD 321.68 Billion by 2028 from an estimated USD 231.68 Billion in 2021, growing at a CAGR of 4.8% globally.
Luxury goods are high-end items in terms of price and quality. Premium products are seen as status symbols for individuals. Manufacturers of these products considered economically wealthy people as their customers. This high-class society is ready to purchase high-priced luxury goods they can afford and carries these luxury goods. Luxury goods include drinks, fashion, cosmetics, cars, handbags, jets, jewelry, and fragrances. There are so many products that come under the luxury goods segment produced by different brands, and manufacturers who are popular around the globe for their highly expensive and quality products which consider luxury goods. The majority of luxury goods are sold through mono-brand shops. The luxury group Louis Vuitton had the greatest sales in the fashion business Louis Vuitton is the most valuable luxury brand in the world, with a market capitalization of about $75.7 billion in 2021.
Major Key Players for Luxury Goods Market:
· LVMH Moët Hennessy-Louis Vuitton SA (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)
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Market Dynamics and Factors:
The luxury goods market is increasing due to the increasing disposable income of people this item are purchased by high-end customers. Manufacturers of luxury goods have targeted customers of high-class society, and celebrities but now they are creating a different brand position to attract the younger generation who are going to be rich and also wanted to look rich at the same time, this is driving the global market for luxury goods. Increasing income shows a direct effect on the purchase rate of luxury goods. If income is increase by 1% then the luxury goods market is increasing by 2%. Increasing development in the industrial sector all over the world helps in increasing the employment rate which provides high per capita; income all these factors are boosting the growth of the luxury goods market. Growing adoption of using copies of branded products is hampering the growth of the luxury goods market.
Luxury Goods Market Report Highlight:
· By product type, the clothing and footwear segment is predicted to show high growth in the luxury goods market during the forecast year. Continuously changing fashion trends and rising demand from both men and women are giving a boost to the luxury goods market.
· By end-user, the women segment is estimated to dominate the luxury goods market during the forecast period. Women are the primary purchasers of different luxury goods such as handbags, clothes, cosmetics, fragrances, and jewelry, which help to boom the market for luxury goods.
· By distribution channel, the online segment is expected to dominate the Luxury Goods Market during the forecast period. Online distributors are giving more offers and discounts on Luxury goods which are also giving hype to the Luxury Goods Market.
· By region, Europe is expected to dominate the Luxury Goods Market, during the projection period. In Europe, several luxury retail brands are ranging from fashion to cosmetics which lead to the growth of the luxury goods market in Europe.
Key Industry Development:
· In May 2022, Donatelle Versace and Kim Jones, the largest luxury brands in the world, had a Versace x Fendi collaboration called Fendace; the dynamic duo first premiered the collection during Milan Fashion Week in September 2021. The collection, features handbags, jewelry, and sneakers, for both men and women.
· In June 2022, Adidas and Gucci made collaboration and will launch their collection this month. It is the mixing of the emblems of the Italian luxury house with those of iconic sportswear brands. Launching online and in select stores, will be the coolest collaboration of the year.
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Luxury Goods Market Segmentation:
By Product Type
· Clothing
· Watches & Jewelry
· Beverages
· Perfumes & Cosmetics
· Bags/Purses
· Others
By End-user
· Men
· Women
By Distribution Channel
· Offline
· Online
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For this report, Introspective Market Research has segmented the Luxury Goods Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Luxury Goods Market study looks deeply into the worldwide market's competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER's Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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