Luxury Goods Market Report by Product Type (Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, and Others), Distribution Channel (Offline, Online), End User (Women, Men), and Region 2023-2028

Luxury Goods Market Report by Product Type (Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, and Others), Distribution Channel (Offline, Online), End User (Women, Men), and Region 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A12537
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Market Overview:

The global luxury goods market size reached US$ 263.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 337.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.40% during 2023-2028. The inflating disposable income levels of the consumers, the growing appeal of luxury brands due to their exclusivity, and the rising influence of social media platforms represent some of the key factors driving the market. 

Report Attribute
 Key Statistics
Base Year
2022
Forecast Years
2023-2028
Historical Years
2017-2022
Market Size in 2022 US$ 263.6 Billion
Market Forecast in 2028 US$ 337.7 Billion
Market Growth Rate (2023-2028) 4.40%


Luxury goods are high-quality products or services that are highly regarded for their exclusivity and association with a particular lifestyle or high social status. They are characterized by their high price, exclusivity, quality, and brand recognition. Luxury goods typically involve the usage of premium materials, intricate designs, and high levels of customization, which significantly contribute to their perceived value. In addition to this, they are often associated with well-known and prestigious brands that have a reputation for producing high-end products using superior craftsmanship. With their luxurious materials, elaborate layout, and advanced functionalities, luxury goods are often seen as unique and rare products not widely available to the general public, thereby creating a sense of value and desirability, which increases their price. As a result, these goods serve symbolic functions as a status symbol, investment, and means of self-expression and personal style.

Luxury Goods Market Trends:

The global market is primarily driven by the inflating disposable income levels of the consumers resulting in more purchasing power, particularly in emerging markets. In line with this, the growing appeal of luxury brands due to their exclusivity and reputation for quality and craftsmanship is also acting as a significant growth-inducing factor for the market. Moreover, the rising influence of social media enabling brands to connect with consumers and promote their products to a wider audience is creating lucrative opportunities in the market. Also, the considerable rise in e-commerce reach is resulting in higher sales of luxury goods in regions where consumers have no access to physical stores, thereby propelling the market. An enhanced focus on sustainable development is leading to the major players focusing on sustainability and ethical production practices to differentiate themselves in a crowded market, which is providing an impetus to the market. The market is further fueled by the increasing trend of international tourism, leveraging on unique and high-end experience offerings not readily available in the tourist’s home countries. Apart from this, continual innovations in materials, design, and technology are creating a positive market outlook. Some of the other factors contributing to the market include strategic mergers and acquisitions (M&As), partnerships and collaborations among the key players, the rising demand for personalized products and experiences, shifting consumer preference towards premium and ethically-produced products, and extensive research and development (R&D) activities.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global luxury goods market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on product type, distribution channel and end user.

Product Type Insights:

  • Watches and Jewellery
  • Perfumes and Cosmetics
  • Clothing
  • Bags/Purse
  • Others
     

The report has provided a detailed breakup and analysis of the luxury goods market based on the product type. This includes watches and jewellery, perfumes and cosmetics, clothing, bags/purse, and others. According to the report, watches and jewellery represented the largest segment.

Distribution Channel Insights:

  • Offline
  • Online
     

The report has provided a detailed breakup and analysis of the luxury goods market based on the distribution channel. This includes offline and online. According to the report, online represented the largest segment.

End User Insights:

  • Women
  • Men
     

A detailed breakup and analysis of the luxury goods market based on the end user has also been provided in the report. This includes women and men. According to the report, women accounted for the largest market share.

Regional Insights:

  • North America 
    • United States 
    • Canada 
  • Europe
    • Germany 
    • France 
    • United Kingdom 
    • Italy 
    • Spain
    • Others 
  • Asia Pacific
    • China 
    • Japan 
    • India 
    • South Korea 
    • Australia 
    • Indonesia
    • Others
  • Latin America
    • Brazil 
    • Mexico 
    • Others 
  • Middle East and Africa
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for luxury goods. Some of the factors driving the Asia Pacific luxury goods market included the inflating disposable income levels, the easy product availability via online and offline retail channels, rising demand for personalized products and experiences, presence of several key players, etc.

Competitive Landscape: 

The report has also provided a comprehensive analysis of the competitive landscape in the global luxury goods market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Chanel, Compagnie Financière Richemont S.A., Gianni Versace S.r.l, Giorgio Armani S.p.A, Hermès International S.A., Kering S.A., LVMH Moët Hennessy Louis Vuitton, Prada S.p.A., Ralph Lauren Corporation, Rolex SA, The Estée Lauder Companies Inc., The Swatch Group Ltd, Valentino S.p.A., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Luxury Goods Market Report Scope:

Report Features Details
Base Year of the Analysis 2022
 Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Product Type
  • Distribution Channel
  • End User
  • Region
Product Types Covered Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others
Distribution Channels Covered Offline, Online
End Users Covered Women, Men
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Chanel, Compagnie Financière Richemont S.A., Gianni Versace S.r.l, Giorgio Armani S.p.A, Hermès International S.A., Kering S.A., LVMH Moët Hennessy Louis Vuitton, Prada S.p.A., Ralph Lauren Corporation, Rolex SA, The Estée Lauder Companies Inc., The Swatch Group Ltd, Valentino S.p.A., etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report: 

  • How has the global luxury goods market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global luxury goods market? 
  • What is the impact of each driver, restraint, and opportunity on the global luxury goods market? 
  • What are the key regional markets? 
  • Which countries represent the most attractive luxury goods market? 
  • What is the breakup of the market based on the product type? 
  • Which is the most attractive product type in the luxury goods market? 
  • What is the breakup of the market based on the distribution channel? 
  • Which is the most attractive distribution channel in the luxury goods market? 
  • What is the breakup of the market based on the end user? 
  • Which is the most attractive end user in the luxury goods market?
  • What is the competitive structure of the global luxury goods market? 
  • Who are the key players/companies in the global luxury goods market? 

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the luxury goods market from 2017-2028. 
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global luxury goods market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region. 
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the luxury goods industry and its attractiveness. 
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Luxury Goods Market Report by Product Type (Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, and Others), Distribution Channel (Offline, Online), End User (Women, Men), and Region 2023-2028
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