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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Luxury Goods Market Share
Offline channels dominate the market share as it facilitates better decision making by offering sensory shopping experience
Offline sales account for the majority of total luxury goods market revenue as it provides the convenience of hands-on experience to customers, which allows them to feel, touch, and sense the product of their choice. This helps enhance the decision-making of consumers.
Meanwhile, online channel has experienced significant growth, especially in the wake of the pandemic, which accelerated the shift towards online shopping due to the convenience and accessibility they offer to consumers. Online stores allowing customers to browse and purchase luxury goods from the comfort of their homes. Luxury companies have recognised the importance of online channels in reaching a broader audience and capitalise their revenue.
Luxury watches and jewellery segment holds a significant position due to rising demand for watches by working professionals
As per luxury goods market analysis, the demand for luxury watches and jewellery is significantly higher since they help enhance one's look and serve as a timeless investment. CHRISTIE’S, a renowned British auction house, reported a 153% increase in its luxury auction and private sales of jewels, watches, handbags, and wine products, reaching USD 980.0 million in 2021.
The perfumes and cosmetics segment also hold a significant luxury goods market share due to increasing demand for innovative and advanced skincare technologies and products. Women end-users predominantly drive this segment, showing a strong inclination towards luxury cosmetics, fragrances, and beauty accessories.
The bags/purses segment is poised for rapid growth in the market, driven by the rising demand for products made of vegan and original leather. Consumers are seeking versatile and stylish handbags that can be used in office and casual outings. Luxury brands, such Loew are introducing innovative designs, such as Balloon bag in different sizes.
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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