Luxury Goods Market Forecast 2023: Size, Growth, Trends and Segmentation by 2028

How Big Is the Luxury Goods Market?

The global luxury goods market size reached US$ 263.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 337.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.40% during 2023-2028.

What is Luxury Goods?

Luxury goods are high-end products or services associated with superior quality, exclusivity, and prestige. They encompass various types of commodities, ranging from fashion items like clothing and accessories to automobiles, watches, jewelry, and travel experiences. They are characterized by their exceptional craftsmanship, exquisite design, and premium materials. They are often marketed and sold in upscale retail environments, reinforcing their exclusivity. They serve as a status symbol of the social and financial standing of an individual. They are primarily used to elevate the lifestyle, project a unique identity, and derive satisfaction from the finest quality. They are utilized for personal enjoyment to showcase taste and style, and often as investments.

Request a free sample of report: https://www.imarcgroup.com/luxury-goods-market/requestsample

Global Industry Trends and Drivers:

The increasing emergence of online shopping platforms and digital marketing strategies by luxury brands to reach a broader and younger audience represents one of the key factors impelling the market growth. Additionally, the rising incorporation of technology into luxury products, such as including smart features in high-end watches, is attracting tech-savvy people looking for a blend of luxury and functionality. Besides this, the growing collaborations of luxury brands with artists, influencers, and other brands to create limited-edition products and drive exclusivity and appeal among consumers are offering a favorable market outlook. Moreover, the increasing need for personalization and customization in products is encouraging luxury brands to provide items catering to individual needs. In addition, the rising adoption of omnichannel retailing, wherein brands offer a seamless online and offline shopping experience, is enhancing consumer buying behavior in the luxury sector. Furthermore, the growing adopting artificial intelligence (AI) to predict consumer trends, optimize supply chains, and provide enhanced, personalized shopping experiences, is positively influencing the market. Apart from this, the increasing interest in niche luxury segments, such as luxury wellness, high-end home decor, and artisanal goods, offering consumers specialized, unique luxury experiences are bolstering the market growth.

Ask Analyst for 10% free customized report: https://www.imarcgroup.com/request?type=report&id=12537&flag=C

What Is Included In Market Segmentation?

The report has been segmented the market into following categories:

Product Type Insights:
• Watches and Jewellery
• Perfumes and Cosmetics
• Clothing
• Bags/Purse
• Others

Distribution Channel Insights:
• Offline
• Online

End User Insights:
• Women
• Men

Regional Insights:
• North America
o United States
o Canada
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Others
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

The report provides a comprehensive analysis of the industry key players listed below:

Chanel, Compagnie Financière Richemont S.A., Gianni Versace S.r.l, Giorgio Armani S.p.A, Hermès International S.A., Kering S.A., LVMH Moët Hennessy Louis Vuitton, Prada S.p.A., Ralph Lauren Corporation, Rolex SA, The Estée Lauder Companies Inc., The Swatch Group Ltd, Valentino S.p.A., etc.

Related Posts:
Fitness And Recreational Sports Centers Market: https://www.japanmarketresearch.jp/fitness-and-recreational-sports-centers-market-report-2023-2028/

Interior Design Software Market: https://www.japanmarketresearch.jp/interior-design-software-market-report-2023-2028/

Malathion Market: https://www.digitaljournal.com/pr/news/imarc/malathion-market-2023-2028-increasing-demand-growth-analysis-and-industry-trends-shivalik-rasayan-limited-suven-life-sciences-ltd-xinyi-taisong-chemical-co-ltd-

Laser Technology Market: https://www.digitaljournal.com/pr/news/imarc/laser-technology-market-2023-to-witness-robust-expansion-by-2028-laserstar-technologies-corporation-lumibird-group-novanta-inc-trumpf-group

Contact us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.