(Entertainment-NewsWire.com, June 17, 2024 ) Global Luxury Goods Market size was valued at USD 254.46 Bn in 2023 and is expected to reach USD 365.64 Bn by 2032, at a CAGR of 4.11%.
Pune, 14, June 2024: The Global Luxury Goods Market was valued at USD 254.46 billion in 2023 and is expected to reach USD 365.64 billion by 2032, with a CAGR of 4.11%. Luxury goods are expensive and of high quality. These objects are generally regarded as status symbols for individuals. For many years, the value of the global luxury goods industry, which includes automobiles, jets, beverages, fashion, cosmetics, fragrances, jewelry, and handbags, has increased. Although the formal word 'luxury good' has nothing to do with the quality of the things, they are frequently regarded as the best on the market in terms of both quality and price. Personal luxury goods, the second most profitable industry, grew consistently until 2020 when the COVID-19 epidemic caused a sharp decline.
Luxury Goods Market Dynamics
Luxury things, as the name implies, are objects primarily sought after by high-net-worth persons. The increasing number of high-income population groups is expected to drive market expansion. For example, according to Oxfam International figures published in January 2020, around 2,153 billionaires globally had more money than 4.6 billion people or 60% of the global population. To capture the attention of millennials and Generation Z, businesses are creating customized product options. For example, Louis Vuitton allows consumers to personalize their handbags with hot stamping or hand-painting. As a result, rising demand for high-end fashion products among the wealthy will boost the personal luxury goods sector.
The sustainability trend has also spread to the luxury industry, which promotes ecologically friendly raw materials and responsible utility consumption. Plant-based leather, such as that generated from pineapple and other natural resources, can replace animal-derived leather in the production of coats, footwear, and purses. For example, in June 2020, Vikki Jones, a luxury goods shop, introduced its new eco-friendly tote bags made of 100% vegan leather, assuring that no animals were hurt throughout the manufacturing process. Furthermore, lower electricity use, less water, and safer raw materials are emphasized to maintain supply chain sustainability. Junghans, a well-known fashion brand, for example, sells high-end solar watches manufactured from sustainable and recyclable materials all over the world. Consequently, increased initiatives.
The luxury goods industry is expected to dominate the Europe region over the forecast period due to the presence of luxury retail brands, increased demand for high-end clothing, accessories, and footwear, limited capsule collections, and the changing socio-economic culture. The luxury fashion week in countries like Italy, France, and the UK is expected to further boost market growth. North America's tourism industry is expected to continue expanding, with well-to-do families and the millennial generation being the primary customers. The Asia Pacific market is expected to grow rapidly due to the middle-class population's discretionary income and increased access to global luxury brands. The UAE is expected to drive the expansion of the luxury goods industry, with tourism in the UAE climbing by 7.96% over the last few years. The Latin American market is expected to grow steadily due to the urban population growth in countries like Brazil and Chile.
Luxury Goods Market Segment Analysis
By Product Type
Clothing
Watches & Jewelry
Beverages
Perfumes & Cosmetics
Bags/Purses
Others
the clothing and footwear segment is expected to dominate the luxury goods market during the forecast period. The number of companies in the top 100 increased significantly, as luxury goods saw double-digit year-over-year sales and double-digit net profit margins. Top performers accounted for four of the top eleven companies. There were four luxury goods companies, each with more than $5 billion in luxury goods revenues. Clothing and shoes are well represented among the winners, with four mainly small companies cutting. Half of the successful companies were located in France and their operations were in Great Britain. Due to increasing demand from both male and female end users and ever-changing fashion trends, the apparel market is likely to maintain its prominent position.
Introspective Market Research, a prominent Consumer Goods research firm, has released the following reports:
Global Luxury Lingerie Market: The Global Luxury Lingerie Market size is expected to grow from USD 11.65 billion in 2023 to USD 12.68 billion by 2032, at a CAGR of 8.8% during the forecast period (2024-2032).
Global Luxury Footwear Market: The Global Luxury Footwear Market size is expected to grow from USD 33.52 billion in 2023 to USD 36.03 billion by 2032, at a CAGR of 7.5% during the forecast period (2024-2032).
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