Luxury goods market projected to grow from $447.63 million

Luxury goods market

Projected Revenue Growth:

The luxury goods market size is expected to be valued at USD 447.63 million in 2023, with total market revenue expected to grow by 4.1% from 2024 to 2030, reaching nearly USD 593.02 million.

Luxury market overview:

The luxury goods market is experiencing significant expansion due to economic growth in the Asia Pacific and LAMEA (Latin America, Middle East, and Africa) regions. Rising consumer spending and improving standards of living are fueling the demand for luxury goods. More and more consumers are preferring luxury goods over cost-effective alternatives, while advancements in online marketing and digital media are further fueling the market growth.

Luxury goods definition: Luxury goods are products whose demand increases in proportion to increases in income, and as consumers’ incomes increase, these products become a larger part of their total expenditures. Unlike necessities, whose demand increases in proportion to income, luxury goods are often associated with superior quality and exclusivity.

𝐔𝐧𝐥𝐨𝐜𝐤 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐎 Reference: https://www.stellarmr.com/report/req_sample/Luxury-Goods-Market/1369

What are the trends in the luxury market?

1. Technology-embedded products: A key trend in the luxury market is the integration of technology into high-end products. Innovations such as luxury jewelry equipped with Near Field Communication (NFC) chips are gaining attention. For example, in March 2023, Cathy Hackle’s Innovation Lab launched “VerseLux”, luxury jewelry equipped with NFC technology in China. These technology-embedded products have increased functionality and appeal, boosting market demand.

2. Rise in the wealthy and high-income segment: The growth of the luxury market is strongly supported by the rise in the wealthy and high-income segment. Companies are targeting affluent millennial and Gen Z consumers by offering personalized and exclusive products. For example, Louis Vuitton offers customization options for handbags to meet the demand of affluent consumers for unique and premium fashion products.

3. Sustainability and eco-friendly products: Sustainability has become a key trend in the luxury market. Consumers are increasingly looking for eco-friendly products made from sustainable raw materials. Examples include plant-based leather and vegan leather products made from materials such as pineapple. In June 2022, luxury retailer Vikki Jones launched an eco-friendly tote bag made from 101% vegan leather, reflecting the industry’s shift towards sustainability.

4. Challenges: Economic fluctuations and uncertain global economic conditions can pose challenges to market growth. Luxury goods often sell well during strong economic times, but during economic downturns and instability, consumer spending on luxury goods can be affected. Additionally, the luxury market must contend with regulations and supply chain complexities that can affect product availability and pricing.

What is Luxury Market Regional Insights?

In Asia Pacific, the luxury goods market is expected to boom due to rising disposable income of the middle class. Widening access to global luxury brands is driving product consumption in the region. For example, in July 2023, Burberry partnered with Tencent to open its first social retail store in Shenzhen, China. Spanning approximately 539 square meters (5,800 square feet), the store offers an interactive and personalized retail experience, catering to the growing demand for luxury goods in China. The increasing number of working women in the region is also accelerating consumption of luxury goods for women, such as handbags, luxury shoes, and jewelry.

What is luxury market segmentation?

By distribution channel

off-line

online

By end user

woman

male

Please take a look! @https://www.stellamr.com/report/req_sample/Luxury-Goods-Market/1369

Some of the current players in the luxury goods market include:

LVHM
Company Financier Richemont SA
Kering SA
Chow Tai Fook Lee Wellie Group
The Estée Lauder Companies Inc.
Luxottica Group SpA
The Swatch Group Ltd.
L’Oreal Group
Ralph Lauren Corporation
Shiseido Co., Ltd.

Global Luxury Goods Market Report: https://www.stellarmr.com/report/Luxury-Goods-Market/1369

Key questions answered in the Luxury Goods Market report:

Which region held the largest market share in the luxury goods market?
What is the expected size of the luxury goods market by 2030?
What factors provide growth opportunities for the luxury goods market?
What are the investment opportunities in the luxury market?
What are some recent industry trends that have been introduced to generate additional revenue streams for the luxury market?
Which segment dominates the luxury market?

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About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting firm with experts across various industries. The industries we cover include Science & Engineering, Electronic Components, Industrial Equipment, Technology, Telecommunications, Automotive, Chemicals & Substances, General Merchandise, Beverages, Personal Care, Automation Systems, etc. We provide market-validated industry forecasts, technology trend analysis, critical market research, strategic advice, competitive analysis, production & demand analysis, customer impact studies, and more.

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