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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Luxury Goods Market Analysis by Region
Asia Pacific is among the leading regional markets for luxury goods due to its large proportion of high-income individuals
The Asia Pacific luxury goods market growth can be attributed to factors like increasing expenditure of consumers on premium products, changing consumption habits, and growing fashion awareness. The rising population in the continent, coupled with the steady economic growth is likely to augment the market in the forecast period. Within the region, China is the market leader in the personal luxury goods sector.
The North American region’s growth is characterised by a strong presence of luxury brands, particularly in the United States. The regional market is driven by the increasing disposable incomes of the affluent population, particularly in cities like New York and Los Angeles. The market is also influenced by the growing demand for luxury goods among younger generations, who are increasingly seeking unique and exclusive experiences.
The European luxury goods market is a significant player in the global industry, with a strong presence of luxury brands such as Chanel, Louis Vuitton, and Gucci. The region's market is driven by the increasing demand for luxury goods among the affluent population, particularly in countries like the United Kingdom, France, and Germany. The market is expected to grow at a moderate rate, driven by the expansion of existing brands and the entry of new players.
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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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124