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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Asia Pacific Luxury Goods Market Outlook
The Asia Pacific luxury goods market size reached USD 106.5 billion in 2023. The market is expected to grow at a CAGR of 3.32% between 2024 and 2032, reaching USD 142.9 billion by 2032.
Key Takeaways:
- The IMF predicted the growth of the Asia-Pacific region at 4.2% in 2024, with India, China, and Japan emerging as significant contributors.
- According to the World Bank, the GDP per capita of East Asia and Pacific was about 12,930 dollars as of 2022.
- Data from the World Bank indicated the top 20% in India hold about 41% of the country's total wealth in 2021.
Women boost the Asia Pacific luxury goods market growth.
Women are among the largest consumer of luxury goods, seeking elegance, refinement, and a timeless appeal. Fashion items such as bags, leather goods, shoes and clothes are the most commonly owned luxury brand items preferred by the women.
Rising fashion industry across Asia pacific, the luxurious brands are continuously innovating product categories to capture the largest market shares. For instance, in April 2024, Rolex launched its deep-sea edition, presented in 18 CT yellow gold for the first time. This new version of the Oyster Perpetual Rolex Deepsea incorporates technical superiority by providing a compression ring generated from ceramic and waterproofing to a depth of 3,900 metres.
Men are often drawn to luxury watches, cars, tailored suits, and designer accessories as symbols of personal success and growing sense of fashionism. Men favour "Luxury mechanical sports watches with high cost performance" certain typical brands like "OMEGA" and "ROLEX" are the most well-known brands for luxury among men.
Market Segmentation
Asia Pacific Luxury Goods Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
- Watches and Jewellery
- Perfumes and Cosmetics
- Clothing
- Bags/Purse
- Others
Market Breakup by End Use
- Women
- Men
Market Breakup by Distribution Channel
- Offline
- Online
Market Breakup by Country
- China
- Japan
- India
- ASEAN
- Australia
- Others
The Asia Pacific luxury goods market key players are Chanel Limited Kering SA, Rolex SA, Giorgio Armani S.p.A., Ralph Lauren Corporation, Compagnie Financière Richemont SA, Prada S.p.A, VALENTINO S.p.A., Tiffany & Co., Estée Lauder Inc., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by End Use |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market was valued at USD 106.5 billion in 2023.
The market is projected to grow at a CAGR of 3.32% between 2024 and 2032.
The revenue generated from the luxury goods market is expected to reach USD 142.9 billion in 2032.
The luxury goods market is categorised according to distribution type, which includes online and offline sales channels.
The key players in the market are Chanel Limited Kering SA, Rolex SA, Giorgio Armani S.p.A., Ralph Lauren Corporation, Compagnie Financière Richemont SA, Prada S.p.A, VALENTINO S.p.A., Tiffany & Co., and Estée Lauder Inc., among others.
Based on the end use, the market is divided into male and female luxury goods.
The luxury goods market is categorised based on product type, which includes watches and jewellery, perfumes and cosmetics, clothing, and bags/purses, among others.
The market is broken down into China, Japan, India, ASEAN, Australia, and others.
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