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Asia Pacific Luxury Goods Market Size, Share, Analysis: By Product Type: Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others; By End Use: Women, Men; By Distribution Channel: Offline, Online; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Luxury Goods Market Overview
8.1 Key Industry Highlights
8.2 Global Luxury Goods Historical Market (2018-2023)
8.3 Global Luxury Goods Market Forecast (2024-2032)
8.4 Global Luxury Goods Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Asia Pacific Luxury Goods Market Overview
9.1 Key Industry Highlights
9.2 Asia Pacific Luxury Goods Historical Market (2018-2023)
9.3 Asia Pacific Luxury Goods Market Forecast (2024-2032)
10 Asia Pacific Luxury Goods Market by Product Type
10.1 Watches and Jewellery
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Perfumes and Cosmetics
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Clothing
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Bags/Purse
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Luxury Goods Market by End Use
11.1 Women
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Men
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Asia Pacific Luxury Goods Market by Distribution Channel
12.1 Offline
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Online
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Asia Pacific Luxury Goods Market by Country
13.1 China
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Japan
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 India
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 ASEAN
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Australia
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Chanel Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Kering SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Rolex SA
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Giorgio Armani S.p.A.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Ralph Lauren Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Compagnie Financière Richemont SA
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Prada SpA
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 VALENTINO S.p.A.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Tiffany & Co.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Estee Lauder Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Luxury Goods Market: Key Industry Highlights, 2018 and 2032
2. Asia Pacific Luxury Goods Market: Key Industry Highlights, 2018 and 2032
3. Asia Pacific Luxury Goods Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. Asia Pacific Luxury Goods Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. Asia Pacific Luxury Goods Historical Market: Breakup by End Use (USD Billion), 2018-2023
6. Asia Pacific Luxury Goods Market Forecast: Breakup by End Use (USD Billion), 2024-2032
7. Asia Pacific Luxury Goods Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
8. Asia Pacific Luxury Goods Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
9. Asia Pacific Luxury Goods Historical Market: Breakup by Country (USD Billion), 2018-2023
10. Asia Pacific Luxury Goods Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. Asia Pacific Luxury Goods Market Structure
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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