Luxury Goods Market Share, Size, Trend, Demand, Analysis by Top Leading Player and Forecast Till 2030

The global luxury goods market size was valued at USD 272.74 billion in 2022. The market is anticipated to grow from USD 284.00 billion in 2023 to USD 392.40 billion by 2030, exhibiting a CAGR of 4.7% during the forecast period.

Luxury products signify the status symbol of an individual. Businesses focus on high-income populations with visually appealing designs and technology-integrated products. For instance, NFC-installed chips in jewelry; a product called Verselux was created by Cathy Hackl in March 2023. Fortune Business Insights presents this information in its report titled “Global Luxury Goods Market, 2023–2030.”

Get a Sample Research PDF:

https://www.fortunebusinessinsights.com/luxury-goods-market-103866

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:

 

Segments:

Fast Fashion Trend Increases Demand for Clothing Segment

By product type, the market is categorized into watches & jewelry, perfumes & cosmetics, clothing, bags/purses, and others. Fast fashion trends and demands from both men and women led the clothing segment to hold a significant market share.

Inclination Toward Grooming by Women to Increase Demand for Luxury Items

By end-user, the market is divided into men and women. The women segment dominates the market due to availability of numerous luxury products such as bracelets, cosmetics, earrings, fragrances, and handbags.

 

Online Channel to Hold Largest Share due to Greater Convenience in Purchasing

Based on distribution channel, the market is bifurcated into offline and online. Due to the presence of stores and shops, customers can touch and feel the product, which allows the offline segment to hold a significant market share.

Geographically, the market is studied across North America, South America, Europe, Asia Pacific, and the Middle East and Africa.

 

Report Coverage:

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • Latest industry developments include product launches, partnerships, mergers, and acquisitions.

 

Get a Sample Research PDF:

https://www.fortunebusinessinsights.com/luxury-goods-market-103866

 

Drivers & Restraints:

Increasing High-net Worth Population to Spur Demand

An increasing population with high-net worth drives the market for luxury goods. Businesses selling luxury goods concentrate on Gen-Z and millennial audiences by offering customized products. Around 2,153 billionaires have more wealth than 60% of the global population, which is 4.6 billion, according to the data published in January 2020 by Oxfam International.

On the contrary, purchasing or renting second-hand luxury products hinders the luxury goods market growth.

 

Regional Insights

Increasing Disposable Income of Individuals in Asia Pacific to Augur Market Growth

Asia Pacific holds the largest luxury goods market share due to its growing population and people’s high disposable income. The availability of luxury items is another factor contributing to the region’s market growth.

Due to the presence of large players in the region, the luxury items market in Europe holds substantial share.

List of Key Players Profiled in the Report:

  • LVHM (France)
  • Compagnie Financière Richemont SA (Switzerland)
  • Kering SA (France)
  • Chow Tai Fook Jewellery Group Limited (Hong Kong)
  • The Estée Lauder Companies Inc. (U.S.)
  • Luxottica Group SpA (Italy)
  • The Swatch Group Ltd. (Switzerland)
  • L’Oréal Group (France)
  • Ralph Lauren Corporation (U.S.)
  • Shiseido Company, Limited (Japan)

Competitive Landscape

Key Players Focus on Acquisitions to Sustain Position

Major companies in the market maintain robust product portfolios to maintain their position in the market. Partnerships, acquisitions, and new product developments are prioritized by luxury item companies to maintain dominance.

Key Industry Development: 

  • November 2022: Estee Lauder Companies, Inc., a global cosmetics maker, acquired Tom Ford, a luxury footwear, handbags, and accessories brand, to expand its business in the Chinese luxury beauty products industry.

Get a Sample Research PDF:

https://www.fortunebusinessinsights.com/luxury-goods-market-103866

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Latest Blogs: 

https://www.timessquarereporter.com/business/mice-market-share–size–trend–demand–analysis-by-top-leading-player-and-forecast-till-2030

https://reflective-navy-f83.notion.site/MICE-Market-Analysis-Development-Revenue-Future-Growth-and-Forecast-to-2030-313341d1979f4727959858d2f4ef4fb4

https://www.quora.com/profile/Sujit-Chaudhari-40/How-has-the-size-of-the-MICE-market-evolved-over-the-past-decade-and-what-factors-have-contributed-to-this-growth-or-de?ch=10&oid=157544192&share=91fa7d77&srid=h2IaCg&target_type=post

https://medium.com/@sujitchaudhari206/mice-market-trends-industry-share-growth-drivers-business-opportunities-and-demand-forecast-to-dc5bcf17e401