New York, United States , July 23, 2024 (GLOBE NEWSWIRE) -- The Global Luxury Goods Market Size is to Grow from USD 365.98 Billion in 2023 to USD 699.77 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.70% during the projected period.
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Luxury goods are distinctive, luxurious, and usually expensive products and services that are associated with a certain social status, distinction, and superior quality. These goods are typically beyond the reach of the general public and are intended only for affluent consumers and specialized markets. Manufacturers of luxury goods produce a wide range of products, including high-end electronics, high-end makeup, haute couture, luxury automobiles, exquisite jewelry and watches, fashionable clothing and accessories, and luxurious trips for individuals. The companies that produce luxurious goods are usually well-known and have an excellent reputation for quality. The market for luxury goods is driven by several reasons that facilitate its growth and stability. The rising disposable incomes and consumer confidence in both developed and developing countries are responsible for an increase in the demand for luxury goods. As people's purchasing power rises, they have a greater incentive to spend money on luxury goods and unique products. Additionally, a change in consumer views toward experienced and desired spending, especially with younger people, is driving the demand for luxury goods and brands. However, the growing pattern of purchasing branded products secondhand or supplying luxury goods is expected to hurt the market for original luxury goods because these products are frequently less expensive than the final product.
Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the Report on the "Global Luxury Goods Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Apparel, Watches & Jewelry, Perfumes & Cosmetics, Clothing, Bags/Purses, and Others), By End-user (Women and Men), By Distribution Channel (Offline and Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The apparel segment is anticipated to hold the greatest share of the global luxury goods market during the projected timeframe.
On the basis of product type, the global luxury goods market is divided into apparel, watches & jewelry, perfumes & cosmetics, clothing, bags/purses, and others. Among these, the apparel segment is anticipated to hold the greatest share of the global luxury goods market during the projected timeframe. The apparel can be attributed to factors like cutting-edge and unique items, shifting fashion trends, and captivating commercials. The digitization of the fashion industry has been a major factor in driving greater demand for luxurious apparel.
The women segment is anticipated to hold the largest share of the global luxury goods market during the projected timeframe.
On the basis of end users, the global luxury goods market is divided into women and men. Among these, the women segment is anticipated to hold the largest share of the global luxury goods market during the projected timeframe. In addition, women are growing increasingly self-conscious of their beauty and fashion sense. This trend has increased demand for expensive apparel that allows customers to exhibit their individuality and sense of style.
The offline segment is predicted to hold the greatest share of the global luxury goods market during the estimated period.
On the basis of distribution channels, the global luxury goods market is divided into offline and online. Among these, the offline segment is predicted to hold the greatest share of the global luxury goods market during the estimated period. The offline segment has an important effect on the luxury goods market because customers can physically see, touch, and compare the products' qualities in person at the store.
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North America is expected to hold the largest share of the global luxury goods market over the forecast period.
North America is expected to hold the largest share of the global luxury goods market over the forecast period. A significant segment of North America's affluent and fashion-conscious consumer base keeps a close eye on trends in the jewelry, watch, pocketbook, clothing, and other personal products markets. Social media influencers play a significant role in helping businesses attract customers and influence their buying decisions by showcasing their most recent luxury collections.
Asia Pacific is predicted to grow at the fastest pace in the global luxury goods market during the projected timeframe. To expand their retail presence in the Asia Pacific region, luxury brands have been opening new flagship shops in major cities and investing in local partnerships and collaborations with local designers and businesses.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global luxury goods market include Chanel LTD, Burberry Group PLC, Prada S.p.A, RALPH LAUREN, Richemont S.A., Kering SA, Estée Lauder Companies Inc., Shiseido Company, Limited, Hermès International S.A., Audemars Piguet Holding SA, PATEK PHILIPPE SA, Swarovski, Pandora Inc., Hugo Boss AG, and Others.
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Recent Developments
- In January 2024, The fourth limited edition series of upcycled bags that Prada S.p.A. launched are the "Miu Miu Upcycled Denim and Patch" bags.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global luxury goods market based on the below-mentioned segments:
Global Luxury Goods Market, By Product Type
- Apparel
- Watches & Jewelry
- Perfumes & Cosmetics
- Clothing
- Bags/Purses
- Others
Global Luxury Goods Market, By End User
- Women
- Men
Global Luxury Goods Market, By Distribution Channel
- Online
- Offline
Global Luxury Goods Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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