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Luxury Goods - Global Strategic Business Report

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    Report

  • 494 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 1244796

Global Luxury Goods Market to Reach $369.8 Billion by 2030

The global market for Luxury Goods estimated at US$253.7 Billion in the year 2023, is projected to reach a revised size of US$369.8 Billion by 2030, growing at a CAGR of 4.8% over the analysis period 2023-2030.

Luxury Apparel, one of the segments analyzed in the report, is projected to record 5.9% CAGR and reach US$115.4 Billion by the end of the analysis period. Growth in the Luxury Cosmetics & Perfumes segment is estimated at 5% CAGR for the next 8-year period.

The U.S. Market is Estimated at $55.4 Billion, While China is Forecast to Grow at 6.5% CAGR

The Luxury Goods market in the U.S. is estimated at US$55.4 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$42.4 Billion by the year 2030 trailing a CAGR of 6.5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR.

Exciting New Report Features

  • Full access to influencer engagement stats
  • Free access to digital archives & research platform. The proprietary platform is fully enabled to unlock creativity and market knowledge of domain experts worldwide in a cohesive and collaborative manner. The state-of-art tools bring world class market perspectives while protecting participants` privacy and identity. Numbers, statistics and market narrative in the report are based on fully curated insights shared by domain experts and influencers in this space.
  • Opportunity to engage with interactive questionnaires that come with real-time data simulator tools & bespoke report generation capabilities
  • Full client access to peer collaborative and interactive platform for cross-enterprise smart exchange of ideas
  • Complimentary report updates for one year
  • Competitor coverage with global market shares of major players
  • Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
  • Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes

What to Expect from the Global Economy in 2024

Edgy geopolitics, and economic instability caused by monetary policy tightening and ensuing higher interest rates will create a tumultuous landscape for 2024. Several factors will continue to exert pressure on the path to recovery including hostilities in the Middle East and increasingly common climate disasters. Among the risks, several positives are also taking shape such as growing signs of disinflation and easing of anxiety over stubborn inflation, supply chain normalization and price moderation despite volatility in energy costs. Elections across several G21 jurisdictions, notably in India and the United States, will have potential ramifications for capital flows and investment strategies. While India emerges as a compelling destination in the global investment landscape, U.S, based tech firms will continue to dominate, fueled by a dynamic ecosystem of talent and capital. Tech opportunities in Silicon Valley and beyond remain attractive for investors seeking high-growth prospects supported largely by a resilient albeit slowing domestic economy and conducive regulatory environment. Europe will continue to battle tight monetary policy and recession risks with U.K. having the most challenging outlook and running the greatest risk of recession in 2024. China remains a wild card with hope for growth in the country underpinned by government spending and improvements in consumer spending. The volatile environment will offer both opportunities and challenges for investors and businesses alike. Embracing volatility as a catalyst for growth together with agility and strategic foresight in navigating investment decisions will remain important for survival.

Select Competitors (Total 175 Featured)

  • Benetton Group Srl
  • 3B International LLC
  • Absolument Parfumeur
  • Amouage Ltd.
  • Arabian Oud
  • Aspects Beauty Co., Ltd.
  • Beauty San SpA
  • Bond No. 9
  • Abercrombie & Kent USA, LLC
  • A.L.B Watches
  • Alexander Shorokhoff Uhrenmanufaktur GmbH
  • Auguste Reymond SA
  • Baume & Mercier
  • A. Favre & fils
  • Asprey London Limited

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • An Introduction to Luxury Goods
  • Types of Luxury Goods
  • Global Market Prospects & Outlook
  • Competition
  • Global Luxury Goods Market Breakdown by Leading Competitors (in %) for 2023
  • Valuable Luxury Brands Worldwide: Ranked by Brand Value (in US$ Billion) for 2023
  • Luxury Brands Differentiate Even in Digital Transition Efforts
  • Key Competitors in the Luxury Watches Domain
  • Swiss Watches Global Competitor Share Positioning for 2023
  • World Brands
  • Recent Market Activity
  • Luxury Goods - Global Key Competitors Percentage Market Share in 2023 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Travel & Tourism Industry Trends Influence Prospects in Luxury Goods Market
  • Change in International Tourist Arrivals by Region for 2023
  • Travel & Tourism Industry as % of GDP by Country for 2023
  • As Airlines Industry Struggles Amidst the COVID-19 Crisis, Impact Imminent on Airport Luxury Retail Sales
  • Commercial Airline Revenue Growth (in %) for 2010-2023
  • Personal Incomes of People: A Critical Factor Influencing Market Prospects
  • High Net Worth Individuals and Changing Lifestyles Boost Luxury Goods Market
  • High Net Worth Individuals Influence Sales of Luxury Goods: Number of Ultra-High Net Worth Individuals (UHNWIs) by Region for 2023
  • Younger Generation & Millennials Redefine and Drive Growth in Luxury Market
  • Personal Luxury Goods Market by Generation (in %) for 2023
  • Global Millennials Population Spread by Region: 2023
  • Millennial Population as a Percentage (%) of Total Population in Select Countries: 2023
  • NoTable Trends Impacting Global Luxury Goods Industry
  • Affordable Luxury to Influence Market Outlook
  • Rising Sales of Second Hand Luxury Goods
  • Global Personal Luxury Goods Market by New Sales and Resale (in %) for 2019 and 2023
  • Role of Digital Technologies in Shaping the Luxury Goods Market
  • Augmented Reality Transforms Luxury Retail Experience
  • Artificial Intelligence: Playing a Critical Part in Personalizing Shopping Recommendations
  • Luxury Watches: A Strong Growth Driver for the Watch Market
  • Luxury Watch Market in the US: Percentage Breakdown of Value Sales by Product for 2019 and 2025
  • Swiss Watches: The Primary Luxury Watch Category
  • Global Swiss Watch Exports: Percentage Breakdown of Export Value by Region for 2019
  • Online Channels: A Possible Way Out for Luxury Watchmakers
  • Global Luxury Watch Market: Percentage Breakdown of Sales by Distribution Channel for 2023
  • Luxury Footwear Designers Gain Traction
  • Affordable Luxury: Not just an Oxymoron in Footwear Space
  • Luxury, Premium Fragrances: Key Segment in Overall Fragrances & Perfumes Market
  • Pandemic Hurts Prospects of Luxury Apparel Brands
  • Resale of Luxury Apparel Gains Momentum
  • E-Commerce Retail Spurs Sales of Luxury Goods
  • Popular Luxury Brands Online: Percentage Share of Search Interest by Brand for 2023
  • Counterfeits: A Major Concern for the Luxury Goods Market
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, Current & Future Analysis for Luxury Goods by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 2: World Historic Review for Luxury Goods by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 3: World 16-Year Perspective for Luxury Goods by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2024 & 2030
  • Table 4: World Recent Past, Current & Future Analysis for Apparel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 5: World Historic Review for Apparel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 6: World 16-Year Perspective for Apparel by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 7: World Recent Past, Current & Future Analysis for Cosmetics & Perfumes by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 8: World Historic Review for Cosmetics & Perfumes by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 9: World 16-Year Perspective for Cosmetics & Perfumes by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 10: World Recent Past, Current & Future Analysis for Watches & Jewelry by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 11: World Historic Review for Watches & Jewelry by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 12: World 16-Year Perspective for Watches & Jewelry by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 13: World Recent Past, Current & Future Analysis for Leather Goods by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 14: World Historic Review for Leather Goods by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 15: World 16-Year Perspective for Leather Goods by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 16: World Recent Past, Current & Future Analysis for Other Product Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 17: World Historic Review for Other Product Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 18: World 16-Year Perspective for Other Product Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 19: World Recent Past, Current & Future Analysis for Offline by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 20: World Historic Review for Offline by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 21: World 16-Year Perspective for Offline by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 22: World Recent Past, Current & Future Analysis for Online by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 23: World Historic Review for Online by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 24: World 16-Year Perspective for Online by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 25: World Luxury Goods Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
III. MARKET ANALYSIS
UNITED STATES
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
  • Market Overview
  • Luxury Watches Market: Overview
  • Number of Millionaire Households in the US (in Millions) by Wealth for 2023
  • Swiss Make Luxury Watches Remain the Top Choice
  • Competition
  • US Luxury Watches Market: Percentage Breakdown of Sales by Company (2023)
  • Footwear Commands Major Chunk of Luxury Fashion Spending Online
  • US Footwear Market: Breakdown of Average Annual Per Capita Spends on Footwear by Region (In US$) for 2023
  • Luxury Shoe Club: A Trading Platform
CANADA
JAPAN
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
  • Japanese Watchmakers Make a Push to Capture Share of Luxury Watches Market
CHINA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
  • Major Factors and Trends Influencing the Luxury Goods Market in China
  • China’s Young and Affluent Consumers Lead Growth of Luxury Watch Market
  • Increasing Affluence of Chinese Individuals: Wealth per Adult in US$ for the Years 2002, 2006, 2010, 2014, 2018 and 2022
  • Consumer Behavior and Purchasing Patterns in China
  • Increasing Demand for Swiss Luxury Watches in China
  • Players Modify Strategies to Benefit from China’s Faster Economic Recovery
EUROPE
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
  • Pre-Owned Luxury Watches Market Gains Traction
FRANCE
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
GERMANY
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
ITALY
  • Unrivalled Leader in Luxury Footwear
UNITED KINGDOM
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
  • Green and Luxury Footwear Gain Traction
SPAIN
RUSSIA
  • Luxury Footwear Gains Lost Ground
REST OF EUROPE
ASIA-PACIFIC
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
AUSTRALIA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2024 (E)
INDIA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2024 (E)
  • Luxury Footwear Market Heads for Healthy Gains
  • Luxury Watches Market in India: An Overview
  • Popularity of Luxury Watches Rises among Affluent Indians
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2024 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2024 (E)
  • Market Overview
IRANISRAELSAUDI ARABIA
UNITED ARAB EMIRATES
  • Luxury Watches: A High Potential Market
REST OF MIDDLE EAST
AFRICA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2024 (E)
IV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Benetton Group Srl
  • 3B International LLC
  • Absolument Parfumeur
  • Amouage Ltd.
  • Arabian Oud
  • Aspects Beauty Co., Ltd.
  • Beauty San SpA
  • Bond No. 9
  • Abercrombie & Kent USA, LLC
  • A.L.B Watches
  • Alexander Shorokhoff Uhrenmanufaktur GmbH
  • Auguste Reymond SA
  • Baume & Mercier
  • A. Favre & fils
  • Asprey London Limited

Table Information