The Global Luxury Goods Market attained a market value of USD 262.66 Billion in 2021 and is expected to grow at a CAGR of 5.63 % during the forecast period of 2023-2028. The demand for Luxury Goods is influenced by the increasing purchasing power of High Net Worth Individuals and Ultra High Net Worth Individuals. Authenticity, prestige and exclusivity are key factors responsible for the significant growth of luxury goods. Further, the market for luxury goods is being driven by Millennials and Gen Z, who are heavily influenced by the status quo and social media influencers.
According to Capgemini’s World Wealth Report 2022, the High Net Worth Individuals population expanded by 7.8% and global wealth expanded by 8% in the year 2021. Consequently, the demand for luxury goods is witnessing an upward shift across developed nations such as the United States and Western European countries. However, Asia-Pacific acquires the largest share and is expected to grow at the fastest rate at a CAGR of 6.56%.
The increasing average ratio of wealth from women to men’s wealth is boosting the demand for women’s luxury goods such as handbags, cosmetics, perfumes and footwear. Furthermore, luxury beauty brands are growing rapidly as the beauty industry grows and the demand for premium cosmetics rises. However, Luxury clothing and footwear continue to hold a prominent position in the market throughout the forecast period.
Luxury goods companies are attempting to use technology to create eco-friendly advanced materials. Luxury brands are also focusing on the High earners Not rich yet (HENRY) group which is likely to gain substantial wealth in the future and become important buyers.
Scope of the Report
- The report analyses the Luxury goods Market by Value (USD Billion).
- The report presents the analysis of the Luxury goods market for the historical period of 2018-2021, the base year 2022 and the forecast period of 2023-2028.
- The report analyses the Luxury goods Market by Product Type (Bags and Accessories, Jewelry and Watches, Cosmetics and Fragrances, Clothing and Footwear, Other Product Types)
- The report analyses the Luxury goods Market By Gender (Men, Women).
- The report analyses the Luxury goods Market By Sales Channel (Branded Stores, Specialty Stores, Online Channels).
- The Global Luxury goods Market has been analysed by countries (United States, Canada, Brazil, Germany, UK, France, Italy, Spain, Switzerland, China, Japan, India, South Korea, Australia, GCC).
- The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by component, by vehicle.
- Also, the major opportunities, trends, drivers and challenges of the industry have been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include LVMH Mo?t Hennessy-Louis Vuitton SE, Kering SA, Richemont, PVH Corp., Herm?s International SCA, Chanel Ltd., EssilorLuxottica SA, Chow Tai Fook Jewelry Group Limited, The Est?e Lauder Companies Inc., L’Or?al SA.
Key Target Audience
- Luxury Goods Companies
- High Net Worth Individuals
- Ultra-High Net Worth Individuals
- Luxury goods Designers
- Investment Banks