Luxury Goods Market Size to Reach $385.20 Billion by 2028

Azoth Analytics Releases New Luxury Goods Market Research Report: Market Size to Reach $385.20 Billion by 2028

Azoth Analytics, a leading market research firm, has released a new report on the global luxury goods market. The report provides a comprehensive analysis of the market, including trends, drivers, challenges, and opportunities. It covers various segments of the market, including fashion and leather goods, watches and jewelry, cosmetics and fragrances, and others. The report also includes a detailed analysis of the regional markets, including North America, Europe, Asia-Pacific, and the Rest of the World.

Get a free sample of the Report:-https://lnkd.in/gdtksnCw

According to the report, the luxury goods market is projected to grow at a CAGR of 5.63% during the forecast period, from 2021 to 2028. The base year market size was valued at $248.73 billion and is expected to reach $385.20 billion by 2028. The report attributes the market growth to several factors, including the increasing demand for luxury goods among millennials, the growing popularity of online channels for luxury goods sales, and the rising disposable income and changing lifestyles of consumers in emerging markets.

Key findings from the report:

The fashion and leather goods segment accounted for the largest share of the market in 2021 and is expected to continue to dominate the market during the forecast period. The growth in this segment is attributed to the increasing demand for luxury handbags, footwear, and clothing, particularly in emerging markets.

The watches and jewelry segment is expected to witness significant growth during the forecast period, owing to the rising demand for luxury watches and jewelry among high-net-worth individuals.

The Asia-Pacific region is expected to witness the fastest growth during the forecast period, owing to the rising disposable income and changing lifestyles of consumers in the region. China and India are expected to be the key growth drivers in the region.

To know more about

The increasing popularity of online channels for luxury goods sales is expected to have a significant impact on the market during the forecast period. The report notes that luxury e-commerce is expected to grow at a CAGR of 9.6% during the forecast period, outpacing the growth of the overall luxury goods market.

Commenting on the report, Azoth Analytics spokesperson said, "We are thrilled to release our latest luxury goods market research report, which provides valuable insights into the market. The report is an essential resource for businesses looking to expand their operations in the luxury goods market, as it offers detailed information on the latest trends, opportunities, and challenges in the market. We believe that the luxury goods market will continue to grow at a significant rate in the coming years, driven by the increasing demand for luxury goods among millennials and the growing popularity of online channels for luxury goods sales."

For more information visit our website:https://www.azothanalytics.com/report/consumer-goods-and-services/global-luxury-goods-market

Contact:

Mr. Derrick Samson
Azoth Analytics
1321 Upland Dr. PMB 15832, Houston, Texas, 77043, US
T: +1 832 495 4885
Email:info@azothanalytics.com

About Azoth Analytics:

Azoth Analytics is a leading market research firm that provides valuable insights into various industries, including healthcare, technology, automotive, and more. With a team of experienced analysts and consultants, Azoth Analytics offers customized research services to clients worldwide.

This release was published on openPR.