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Luxury Goods - Global Strategic Business Report

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    Report

  • 494 Pages
  • November 2023
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 1244796

Quick Summary:

In the swiftly evolving landscape of luxury goods, staying ahead of trends, market shifts, and growth opportunities worldwide can prove essential to achieving and maintaining a leading edge. Our new global luxury goods research report provides an in-depth overview of an industry estimated at $242.8 billion in 2022 and projected to reach a staggering $369.8 billion by the year 2030. This report becomes an indispensable resource for any senior business executive navigating this dynamic market.

The report delves into key segments such as Apparel and Cosmetics & Perfumes, meticulously analyzing their projected growth rates over the next eight years. In addition, it explores geographical markets of note, particularly the U.S. and China, offering robust forecasts reinforced by crucial economic data. The inclusion of competitor information, such as the 175 featured businesses including Burberry, Chanel, and LVMH, empowers you to understand your players and position more profoundly. As an added value, included are insights on global competitiveness, market shares, geopolitical trends, market presence and an interactive peer-to-peer collaborative bespoke updates. Experience the critical edge in a competitive world of luxury with one comprehensive, insightful research report.

Global Luxury Goods Market to Reach $369.8 Billion by 2030

The global market for Luxury Goods estimated at US$242.8 Billion in the year 2022, is projected to reach a revised size of US$369.8 Billion by 2030, growing at a CAGR of 5.4% over the analysis period 2022-2030. Apparel, one of the segments analyzed in the report, is projected to record 6.7% CAGR and reach US$115.4 Billion by the end of the analysis period. Growth in the Cosmetics & Perfumes segment is estimated at 5.6% CAGR for the next 8-year period.

The U.S. Market is Estimated at $53.1 Billion, While China is Forecast to Grow at 7.3% CAGR

The Luxury Goods market in the U.S. is estimated at US$53.1 Billion in the year 2022. 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 7.3% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4% CAGR.

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

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Frequently Asked Questions about the Luxury Goods Market

What is the estimated value of the Luxury Goods Market?

The Luxury Goods Market was estimated to be valued at $242.8 Billion in 2022.

What is the growth rate of the Luxury Goods Market?

The growth rate of the Luxury Goods Market is 5.4%, with an estimated value of $369.8 Billion by 2030.

What is the forecasted size of the Luxury Goods Market?

The Luxury Goods Market is estimated to be worth $369.8 Billion by 2030.

Who are the key companies in the Luxury Goods Market?

Key companies in the Luxury Goods Market include 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 and A.L.B Watches.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • Luxury Brands Focus on Positive Contributions to Fight COVID-19
  • Changing Consumer Behavior to Impact Luxury Goods Market in Post Pandemic Period
  • Players Devise Digital Strategies to Stay Afloat During the Pandemic
  • Taking Steps to Deal with Unsold 2020 Inventory and Plan for 2021 Collections
  • COVID-19 Presents Significant Challenges to Luxury Brands and Wholesalers
  • Pandemic Crisis Weakens Economic Environment, Affecting Luxury Goods Market
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • An Introduction to Luxury Goods
  • Types of Luxury Goods
  • Global Market Prospects & Outlook
  • Competition
  • Global Luxury Goods Market Breakdown by Leading Competitors (in %) for 2019
  • Valuable Luxury Brands Worldwide: Ranked by Brand Value (in US$ Billion) for 2020E
  • COVID-19 Crisis Presents Opportunity to Acquire High-Potential Luxury Brands
  • Luxury Brands Differentiate Even in Digital Transition Efforts
  • Key Competitors in the Luxury Watches Domain
  • Swiss Watches Global Competitor Share Positioning for 2019
  • 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
  • Collapse of Global Travel & Tourism Industry Dents Prospects in Luxury Goods Market
  • COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
  • COVID-19 Impact on Tourism Industry: % Change in International Tourist Arrivals by Region for 2019 and Q1 2020
  • Countries with Maximum Vulnerability to COVID-19 Impact on Tourism Industry: Travel & Tourism Industry as % of GDP by Country for 2019
  • As Airlines Industry Struggles Amidst the COVID-19 Crisis, Impact Imminent on Airport Luxury Retail Sales
  • COVID-19 Pandemic Dents Airline Revenues: Commercial Airline Revenue Growth (in %) for 2010-2020E
  • 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 2019
  • Younger Generation & Millennials Redefine and Drive Growth in Luxury Market
  • Personal Luxury Goods Market by Generation (in %) for 2020E
  • Global Millennials Population Spread by Region: 2019
  • Millennial Population as a Percentage (%) of Total Population in Select Countries: 2019
  • 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 2021
  • 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
  • Luxury Wristwatches Market Set to Decline amidst COVID-19 Crisis
  • 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 2019
  • 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
  • COVID-19 Driven Rise in E-Commerce Sales Benefit Luxury Goods Market: Global Retail E-Commerce Website Traffic in Average Monthly Visits (in Billions) for Jun-2019 to Jun-2020
  • Popular Luxury Brands Online: Percentage Share of Search Interest by Brand for 2020
  • 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2022 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 2021 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, 2023 & 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 2023 (E)
  • Market Overview
  • Luxury Watches Market: COVID-19 Brings to Halt the Segment’s Recovery
  • Number of Millionaire Households in the US (in Millions) by Wealth for 2019
  • Swiss Make Luxury Watches Remain the Top Choice
  • Competition
  • US Luxury Watches Market: Percentage Breakdown of Sales by Company (2019)
  • 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$) for 2020E
  • Luxury Shoe Club: A Trading Platform
  • CANADA
  • JAPAN
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • Japanese Watchmakers Make a Push to Capture Share of Luxury Watches Market
  • CHINA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • COVID-19 Impact on Chinese Luxury Goods Industry
  • Major Factors and Trends Influencing the Luxury Goods Market in China
  • Apt Marketing Campaigns in Response to COVID-19
  • China’s Young and Affluent Consumers Lead Growth of Luxury Watch Market
  • Increasing Affluence of Chinese Individuals: Wealth per Adult in US$ for the Years 2002, 2006, 2010, 2014 and 2018
  • 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 2023 (E)
  • COVID-19 Pandemic Dents Prospects in European Luxury Goods Market
  • Pre-Owned Luxury Watches Market Gains Traction
  • FRANCE
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • GERMANY
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • ITALY
  • COVID-19 Impact on the Italian Luxury Goods Industry
  • Assessing Supply Chain Disruptions Due to COVID-19 Crisis
  • Unrivalled Leader in Luxury Footwear
  • UNITED KINGDOM
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (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 2023 (E)
  • AUSTRALIA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
  • INDIA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
  • Luxury Footwear Market Heads for Healthy Gains
  • Luxury Watches Market in India: An Overview
  • Popularity of Luxury Watches Rises among Affluent Indians
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • Luxury Goods Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
  • Market Overview
  • IRAN
  • ISRAEL
  • SAUDI 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 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 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