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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Luxury Goods Market Growth
Luxury goods are defined as non-essential but desirable products within a culture or society. The demand for luxury goods fluctuates according to the income of consumers. Luxury goods like Rolex watches, high-end perfumes, or Louis Vuitton handbags are expensive but are known to boost the comfort of consumers and offer premium experience.
The growing global demand for various kinds of luxury goods such as bags, handbags, and clothing items, to enhance presentability is driving the luxury goods market growth. Increasing disposable incomes and rising affluence, particularly among the elite households with annual incomes exceeding Rs 20 lakh, have driven demand for premium and luxury products across categories such as cosmetics, electronics, and leisure travel.
Luxury Goods Market Report Snapshots
Luxury Goods Market Regional Analysis
*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 value for 2023 is estimated to be nearly USD 346.19 billion.
The market is expected to grow at a CAGR of 4.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 510.06 billion by 2032.
The major drivers of the market are the rising demand for bags, handbags, clothing items, and perfumes, among others, increasing disposable incomes, improving living standards, and the expansion of major luxury brands.
Key trends aiding market expansion include the growing e-commerce sector, which is likely to propel the sales of luxury products along with rising advancements in technology and adoption of omnichannel strategies by market players.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Watches and jewellery, perfumes and cosmetics, clothing, and bags/purse, among others are the major products in the market.
Offline and online are the major distribution channels of the product.
Women and men are the different end users in the market.
Key players in the market are LVMH Moet Hennessy Louis Vuitton SE, Chanel Limited, Hermès International S.A., Cartier International AG, Rolex SA, Estée Lauder Companies Inc., Tiffany & Co., Giorgio Armani S.p.A, VALENTINO S.p.A., Ralph Lauren Corporation, Kering SA, Compagnie Financière Richemont SA, Prada SpA, Capri Holdings Limited, and Burberry Group plc, among others.
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