Global Luxury Goods Market

Luxury Goods Market by Distribution Channels (Online and Offline), Product Types (Perfumes & Cosmetics, Watches & Jewelry, Bags/Purses, Clothing, and Others), End Users (Men and Women), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

  • Report ID: CG-4098
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 241
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The luxury goods market size was valued at USD 241.6 billion in 2021 and is projected to reach USD 295.7 billion by 2030, expanding at a CAGR of 4.6% during the forecast period, 2022 – 2030. The growth of the market is attributed to increasing disposable income of the individuals.

Global Luxury Goods Market summary

Luxury goods, often known as superior goods, are items whose demand is proportional to consumers wealth. Individuals use these items mostly as status symbols. Emerging nations such as India, Brazil, UAE, South Korea, and China offer significant growth opportunities for the market players. The market has grown due to an increase in GDP and an increase in sales of luxury brands. The luxury goods market has been booming in recent years, due to a shift in customer preferences toward high-end items and a preference for quality products over low-cost alternatives.

The Covid-19 pandemic affected the demand and supply of Luxury goods market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

  • Introduction of unique product designs is projected to drive the market during forecast period.
  • Increased demand for high-end cosmetics and beauty products is estimated to propel the global luxury goods market.
  • Rising adoption of omnichannel trading is expected to boost the global luxury goods market during the projected period.
  • Rising disposable income along with growing awareness about several skin disease is anticipated to fuel the market.
  • Efforts to grab the interest of the younger generation are projected to drive the global luxury goods market.
  • The growing ageing population creates a demand for high-end anti-aging creams, which is estimated to propel the market.
  • High cost of the luxury product is expected to hamper the market growth.
  • R&D and technological advancements in the luxury products is projected to create lucrative opportunities for the market players.

Scope of the Report

The report on the global luxury goods market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Luxury Goods Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2021

Historic Data

2019–2020

Forecast Period

2022 – 2030

Segmentation

Distribution Channels (Online and Offline), Product Types (Perfumes & Cosmetics, Watches & Jewelry, Bags/Purses, Clothing, and Others), End Users (Men and Women)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Burberry Group Plc; Gianni Versace S.r.l.; The Swatch Group Ltd.; The Estee Lauder Companies Inc.; Rolex SA; Ralph Lauren Corporation; Prada S.p.A.; Mulberry Group PLC; LVMH Moet Hennessy Louis Vuitton; Luxottica Group S.p.A.; L'Oreal S.A.; Kering S.A.; Hermes International S.A.; Giorgio Armani SpA; Cie Financiere Richemont SA; Chanel S.A.; and Shiseido company, limited

Market Segment Insights

The offline segment is projected to hold major market share during the forecast period

Based on distribution channels, the market is bifurcated into online and offline. The offline segment is projected to hold major market share during the forecast period owing to the fact that it allows customers to touch and feel the product in physically and compare the quality of several products at store. To gain a strong foothold in the market, businesses are attempting to expand their presence through retail or department stores. For instance, Burberry announced the acquisition of Printemps in Paris in February 2020. Printemps is a department store chain that sells a variety of high-end items as well as fashion and cosmetics. The online segment is estimated to grow at a rapid pace due to ease of purchase through this channel. The covid-19 epidemic has also widened chances for luxury brands to strengthen their online presence. For example, Reliance declared its intentions to launch a new e-commerce portal in India for purchasing premium items in March 2020. Thus, the online shopping segment is projected to boost during the forecast period.

The clothing segment is projected to account for a key market share during the forecast period

In terms of product types, the market is segregated into perfumes & cosmetics, watches & jewelry, bags/purses, clothing, and others. The clothing segment is projected to account for a key market share during the forecast period owing to rapidly varying fashion trends. The bags segment, on the other hand, is expected to increase fast due to rising demand, particularly for leather-based products. End-user demand for attractive and matching handbags is growing, which can be utilized for a variety of purposes such as party bags, office bags, or casual bags depending on the situation. The balloon bag was introduced by the Loewe luxury brand in February 2020, and it was offered in three sizes, small, medium, and big, depending on consumer preferences. The watches & jewelry segment is estimated to hold major market share during the forecast period owing to rising demand for smart watches and wide range of jewelry products. According to a survey by Savills Global Luxury Retail 2019 Outlook, the portion of new jewelry stores opened scaled from roughly 10% to 13% in 2019.

Global Luxury Goods Market product types

The women segment holds key market share

On the basis of end-users, the market is fragmented into men and women. The women segment holds key market share. Women are the primary consumers of luxury goods such as bracelets, earrings, necklaces, handbags, fragrances, and cosmetics. Evolving male grooming trends is anticipated to assist the expansion of the men's segment, with more demand for branded high-end watches, goggles, and shirts. As a result, many companies are working on developing solutions that can meet the diverse needs of both end-users and businesses.

Global Luxury Goods Market end-users

Asia Pacific is anticipated to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market. Consumers are encouraged to switch from ordinary items to luxury goods through technological improvements and increased consumer awareness. The steady enhancement in the living standards of the population in the region is projected to create immense opportunities for the market players.

Global Luxury Goods Market region

Segments

Segments Covered in the Report
The global luxury goods market has been segmented on the basis of
Distribution Channels

  • Online
  • Offline

Product Types

  • Perfumes & Cosmetics
  • Watches & Jewelry
  • Bags/Purses
  • Clothing
  • Others

End Users

  • Men
  • Women

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Competitive Landscape

Key players competing in the luxury goods market include Burberry Group Plc; Gianni Versace S.r.l.; The Swatch Group Ltd.; The Estee Lauder Companies Inc.; Rolex SA; Ralph Lauren Corporation; Prada S.p.A.; Mulberry Group PLC; LVMH Moet Hennessy Louis Vuitton; Luxottica Group S.p.A.; L'Oreal S.A.; Kering S.A.; Hermes International S.A.; Giorgio Armani SpA; Cie Financiere Richemont SA; Chanel S.A.; and Shiseido company, limited. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.

Global Luxury Goods Market keyplayers

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Luxury Goods Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Luxury Goods Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Luxury Goods Market - Supply Chain
  4.5. Global Luxury Goods Market Forecast
     4.5.1. Luxury Goods Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Luxury Goods Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Luxury Goods Market Absolute $ Opportunity
5. Global Luxury Goods Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Luxury Goods Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Luxury Goods Demand Share Forecast, 2019-2026
6. North America Luxury Goods Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Luxury Goods Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Luxury Goods Demand Share Forecast, 2019-2026
7. Latin America Luxury Goods Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Luxury Goods Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Luxury Goods Demand Share Forecast, 2019-2026
8. Europe Luxury Goods Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Luxury Goods Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Luxury Goods Demand Share Forecast, 2019-2026
9. Asia Pacific Luxury Goods Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Luxury Goods Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Luxury Goods Demand Share Forecast, 2019-2026
10. Middle East & Africa Luxury Goods Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Luxury Goods Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Luxury Goods Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Luxury Goods Market: Market Share Analysis
  11.2. Luxury Goods Distributors and Customers
  11.3. Luxury Goods Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Burberry Group Plc
     11.4.2. Gianni Versace S.r.l.
     11.4.3. The Swatch Group Ltd.
     11.4.4. The Estee Lauder Companies Inc.
     11.4.5. Rolex SA
     11.4.6. Ralph Lauren Corporation

Segments Covered in the Report
The global luxury goods market has been segmented on the basis of
Distribution Channels

  • Online
  • Offline

Product Types

  • Perfumes & Cosmetics
  • Watches & Jewelry
  • Bags/Purses
  • Clothing
  • Others

End Users

  • Men
  • Women

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Key players competing in the luxury goods market include Burberry Group Plc; Gianni Versace S.r.l.; The Swatch Group Ltd.; The Estee Lauder Companies Inc.; Rolex SA; Ralph Lauren Corporation; Prada S.p.A.; Mulberry Group PLC; LVMH Moet Hennessy Louis Vuitton; Luxottica Group S.p.A.; L'Oreal S.A.; Kering S.A.; Hermes International S.A.; Giorgio Armani SpA; Cie Financiere Richemont SA; Chanel S.A.; and Shiseido company, limited. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.

Global Luxury Goods Market keyplayers

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