Product Code: GVR-4-68040-261-4
Luxury Goods Market Growth & Trends:
The global luxury goods market size was estimated to reach USD 579.26 billion in 2030 and is anticipated to grow at a CAGR of 6.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is driven by various factors, including the rise in high-net-worth individuals and experiential luxury.
The influence of millennial and Gen Z consumers has been pivotal in driving the demand for customizable luxury products or immersive shopping experiences. The increase in popularity of e-commerce, social media, and influencer advertising has been pivotal in driving the demand for luxury goods.
The luxury apparel segment is growing due to changing consumer preferences and dynamic fashion trends. In addition, the rising popularity of social media platforms has become a critical marketing tool for luxury apparel brands, allowing them to build brand awareness globally and engage with their customers. The luxury perfumes and cosmetics segment is projected to grow owing to increasing demand for luxury and exotic fragrances, rising celebrity endorsements, and social media influence.
Major players in the luxury goods industry include LVMH Group, Chanel LTD, Burberry Group PLC, Prada S.p.A, Kering SA, Coty Inc., Estee Lauder Companies Inc., Shiseido Company, Limited, L'Oreal S.A., Hermes International S.A., Ralph Lauren, and others. To gain a share of the market, these companies adopt various strategies, including global expansion, partnerships, acquisitions and mergers, development and launch of new products, and others.
Furthermore, luxury brands are incorporating various strategic initiatives such as innovative marketing, celebrity collaborations, and customization, leading to the apparel segment's growth. For instance, in July 2023, Ralph Lauren partnered with Berlin-based esports organization G2 Esports, known for its involvement with major gaming titles like Fortnite and League of Legends. In this collaboration, Ralph Lauren became the official outfit provider for the G2 team. The partnership is extended to the creation of a special-edition capsule collection, showcasing a range of stylish apparel items such as baseball caps, tracksuits, hoodies, and t-shirts, all designed in Ralph Lauren's signature navy blue, gold and cherry red color scheme.
Luxury Goods Market Report Highlights:
- Asia Pacific luxury goods industry accounted for a share of 39.7% of the global revenue in 2023. This can be attributed to the rising high net worth individuals in the region, expansion of luxury brands' retail presence, and travel retail & tourism
- The women's segment accounted for a share of 60.2% of global market revenue in 2023. The rising number of high net-worth females and personalization & customization of luxury goods are driving the market growth for females
- The men's segment is projected to grow at a CAGR of 7.2 from 2024 to 2030. The rising number of high-net-worth individuals, particularly in emerging markets like Asia, is driving the growth of the market, with a significant focus on male-oriented products
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Product Outlook
- 2.3. End-user Outlook
- 2.4. Competitive Landscape Outlook
Chapter 3. Luxury Goods Market Variables, Trends & Scope
- 3.1. Market Introduction
- 3.2. Penetration and Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.3.1. Sales/Retail Channel Analysis
- 3.3.2. Profit Margin Analysis
- 3.4. Market Dynamics
- 3.4.1. Market Driver Analysis
- 3.4.2. Market Restraint Analysis
- 3.4.3. Market Opportunities
- 3.4.4. Market Challenges
- 3.5. Industry Analysis - Porter's Five Forces Analysis
- 3.6. Market Entry Strategies
Chapter 4. Luxury Goods Market: Consumer Behavior Analysis
- 4.1. Demographic Analysis
- 4.2. Consumer Trends & Preferences
- 4.3. Factors Influencing Buying Behavior
- 4.4. Consumer Service Adoption Trends
- 4.5. Key Observations & Findings
Chapter 5. Luxury Goods Market: Product Estimates & Trend Analysis
- 5.1. Luxury Goods Market, by Product: Key Takeaways
- 5.2. Product Movement Analysis & Market Share, 2023 & 2030
- 5.3. Apparels
- 5.3.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 5.4. Watches
- 5.4.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 5.5. Jewelry
- 5.5.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 5.6. Handbags
- 5.6.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 5.7. Perfumes & cosmetics
- 5.7.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 5.8. Footwear
- 5.8.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 5.9. Others
- 5.9.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
Chapter 6. Luxury Goods Market: End-user Estimates & Trend Analysis
- 6.1. Luxury Goods Market, by End-user: Key Takeaways
- 6.2. End-user Movement Analysis & Market Share, 2023 & 2030
- 6.3. Men
- 6.3.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 6.4. Women
- 6.4.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
Chapter 7. Luxury Goods Market: Regional Estimates & Trend Analysis
- 7.1. Luxury Goods Market: Regional Outlook
- 7.2. Regional Movement Analysis & Market Share, 2023 & 2030
- 7.3. North America
- 7.3.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.3.2. U.S.
- 7.3.2.1. Key country dynamics
- 7.3.2.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.3.3. Canada
- 7.3.3.1. Key country dynamics
- 7.3.3.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.3.4. Mexico
- 7.3.4.1. Key country dynamics
- 7.3.4.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.4. Europe
- 7.4.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.4.2. UK
- 7.4.2.1. Key country dynamics
- 7.4.2.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.4.3. Germany
- 7.4.3.1. Key country dynamics
- 7.4.3.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.4.4. France
- 7.4.4.1. Key country dynamics
- 7.4.4.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.4.5. Italy
- 7.4.5.1. Key country dynamics
- 7.4.5.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.4.6. Spain
- 7.4.6.1. Key country dynamics
- 7.4.6.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.5. Asia Pacific
- 7.5.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.5.2. China
- 7.5.2.1. Key country dynamics
- 7.5.2.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.5.3. Japan
- 7.5.3.1. Key country dynamics
- 7.5.3.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.5.4. India
- 7.5.4.1. Key country dynamics
- 7.5.4.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.5.5. Australia
- 7.5.5.1. Key country dynamics
- 7.5.5.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.5.6. South Korea
- 7.5.6.1. Key country dynamics
- 7.5.6.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.6. Central & South America
- 7.6.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.6.2. Brazil
- 7.6.2.1. Key country dynamics
- 7.6.2.2. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.7. Middle East & Africa
- 7.7.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
- 7.7.2. South Africa
- 7.7.2.1. Key country dynamics
- 7.7.3. Market estimates and forecast, 2018 - 2030 (USD Billion)
Chapter 8. Competitive Analysis
- 8.1. Recent Developments & Impact Analysis, by Key Market Participants
- 8.2. Company Categorization
- 8.3. Participant's Overview
- 8.4. Financial Performance
- 8.5. Product Benchmarking
- 8.6. Company Market Share Analysis, 2023 (%)
- 8.7. Company Heat Map Analysis
- 8.8. Strategy Mapping
- 8.9. Company Profiles
- 8.9.1. LVMH Group
- 8.9.1.1. Company Overview
- 8.9.1.2. Financial Performance
- 8.9.1.3. Product Portfolios
- 8.9.1.4. Strategic Initiatives
- 8.9.2. Chanel LTD
- 8.9.2.1. Company Overview
- 8.9.2.2. Financial Performance
- 8.9.2.3. Product Portfolios
- 8.9.2.4. Strategic Initiatives
- 8.9.3. Burberry Group PLC
- 8.9.3.1. Company Overview
- 8.9.3.2. Financial Performance
- 8.9.3.3. Product Portfolios
- 8.9.3.4. Strategic Initiatives
- 8.9.4. Prada S.p.A
- 8.9.4.1. Company Overview
- 8.9.4.2. Financial Performance
- 8.9.4.3. Product Portfolios
- 8.9.4.4. Strategic Initiatives
- 8.9.5. Kering SA
- 8.9.5.1. Company Overview
- 8.9.5.2. Financial Performance
- 8.9.5.3. Product Portfolios
- 8.9.5.4. Strategic Initiatives
- 8.9.6. Coty Inc.
- 8.9.6.1. Company Overview
- 8.9.6.2. Financial Performance
- 8.9.6.3. Product Portfolios
- 8.9.6.4. Strategic Initiatives
- 8.9.7. Estee Lauder Companies Inc.
- 8.9.7.1. Company Overview
- 8.9.7.2. Financial Performance
- 8.9.7.3. Product Portfolios
- 8.9.7.4. Strategic Initiatives
- 8.9.8. Shiseido Company, Limited
- 8.9.8.1. Company Overview
- 8.9.8.2. Financial Performance
- 8.9.8.3. Product Portfolios
- 8.9.8.4. Strategic Initiatives
- 8.9.9. L'Oreal S.A.
- 8.9.9.1. Company Overview
- 8.9.9.2. Financial Performance
- 8.9.9.3. Product Portfolios
- 8.9.9.4. Strategic Initiatives
- 8.9.10. Hermes International S.A.
- 8.9.10.1. Company Overview
- 8.9.10.2. Financial Performance
- 8.9.10.3. Product Portfolios
- 8.9.10.4. Strategic Initiatives
- 8.9.11. Audemars Piguet Holding SA
- 8.9.11.1. Company Overview
- 8.9.11.2. Financial Performance
- 8.9.11.3. Product Portfolios
- 8.9.11.4. Strategic Initiatives
- 8.9.12. PATEK PHILIPPE SA
- 8.9.12.1. Company Overview
- 8.9.12.2. Financial Performance
- 8.9.12.3. Product Portfolios
- 8.9.12.4. Strategic Initiatives
- 8.9.13. Rolex SA
- 8.9.13.1. Company Overview
- 8.9.13.2. Financial Performance
- 8.9.13.3. Product Portfolios
- 8.9.13.4. Strategic Initiatives
- 8.9.14. Omega
- 8.9.14.1. Company Overview
- 8.9.14.2. Financial Performance
- 8.9.14.3. Product Portfolios
- 8.9.14.4. Strategic Initiatives
- 8.9.15. RALPH LAUREN
- 8.9.15.1. Company Overview
- 8.9.15.2. Financial Performance
- 8.9.15.3. Product Portfolios
- 8.9.15.4. Strategic Initiatives
- 8.9.16. Richemont S.A.
- 8.9.16.1. Company Overview
- 8.9.16.2. Financial Performance
- 8.9.16.3. Product Portfolios
- 8.9.16.4. Strategic Initiatives
- 8.9.17. Swarovski
- 8.9.17.1. Company Overview
- 8.9.17.2. Financial Performance
- 8.9.17.3. Product Portfolios
- 8.9.17.4. Strategic Initiatives
- 8.9.18. Pandora Inc.
- 8.9.18.1. Company Overview
- 8.9.18.2. Financial Performance
- 8.9.18.3. Product Portfolios
- 8.9.18.4. Strategic Initiatives
- 8.9.19. Hugo Boss AG
- 8.9.19.1. Company Overview
- 8.9.19.2. Financial Performance
- 8.9.19.3. Product Portfolios
- 8.9.19.4. Strategic Initiatives
- 8.9.20. Brunello Cucinelli S.p.A.
- 8.9.20.1. Company Overview
- 8.9.20.2. Financial Performance
- 8.9.20.3. Product Portfolios
- 8.9.20.4. Strategic Initiatives