Global Hard Luxury Goods Market to Reach USD 235.46 Billion by 2029, Driven by Rising Demand for Timeless Artworks

Market Values:

The Global Hard Luxury Goods Market, valued at USD 117.79 billion in 2022, is projected to witness robust growth, with overall revenue expected to reach USD 235.46 billion by 2029. The market is anticipated to exhibit a CAGR of 10.4% during the forecast period (2023-2029).

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Report Scope:

The Global Hard Luxury Goods Market report offers a comprehensive analysis of the market, focusing on timeless works of art such as jewelry and watches. It encompasses market dynamics, drivers, restraints, and regional insights, covering the period from 2022 to 2029. The report utilizes a robust research methodology, incorporating both secondary and primary research sources, along with Porter's and PESTLE analyses, to provide a clear understanding of market dynamics and trends.

Research Methodology:

The report evaluates market trends and factors influencing the industry through a comprehensive research methodology. Secondary research involves gathering data from various sources, including press releases, company annual reports, government websites, and research papers. This data is complemented by quantitative and qualitative analysis from paid databases like Reuters and Bloomberg. Primary research verifies and validates the findings from secondary research, ensuring accuracy and reliability. Market size estimation is conducted using a bottom-up approach, considering macro and micro views of potential customers and current market conditions.

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Market Drivers:

Growing consumer preference for high-end, sophisticated products.
Increasing number of high-net-worth individuals in developed nations.
Rising disposable income in developing markets.
Focus on supply chain sustainability and eco-friendly products.

Market Restraints:

Regulatory challenges and airspace restrictions.
Concerns regarding safety and security in crowded environments.
High initial investment and maintenance costs.
Impact of the COVID-19 pandemic on luxury goods industry.

Regional Insights:

Europe: Dominates the market due to the presence of key players and luxury fashion events. Countries like Switzerland and Germany are renowned for their watchmaking traditions, while cities like London and Paris are major luxury hubs.

North America: Witnessing significant growth driven by a large number of wealthy individuals and strong consumer demand for stylish accessories. The United States is home to several luxury brands and manufacturers.

Asia Pacific: Expected to expand rapidly with rising disposable incomes and improved access to global brands. Emerging markets like China, Japan, and India are key contributors to market growth.

South America: Anticipated to grow steadily with increasing urbanization and rising consumer spending. Brazil and Chile are notable contributors to market expansion.

Middle East & Africa: Witnessing rising demand for luxury goods, particularly from Gulf countries like the UAE and Saudi Arabia. Significant potential for market growth in the region.

The Global Hard Luxury Goods Market report serves as a comprehensive guide for stakeholders, providing insights into market dynamics, trends, and future growth prospects. With detailed analysis of drivers, restraints, and regional insights, the report assists decision-makers in understanding market opportunities and formulating strategic plans.

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Segmentation

by Products Type

Watches
Jewelry
Others

The market is divided into watches and jewelry segments based on the kind of product. Timepieces are the biggest revenue generators due to the rising demand for sophisticated, high-end watches. With sales expected to grow at a CAGR of 10.08 percent over the course of the forecast period, watches are predicted to be the most valued product in the worldwide hard luxury goods market. However, throughout the course of the projected period, demand for jewelry goods is anticipated to expand steadily due to the growing need for various forms of jewelry

by Gender

Female
Male

The market is divided into categories for men and women based on gender. When it comes to buying hard luxury goods, women are thought to be a more lucrative market than men. Due to an increasing predilection for accessories including watches, necklaces, rings, earrings, and bracelets, women would make up the majority of the market. New trends in male grooming would encourage the growth of the male market, as men would become more interested in branded, expensive watches. Because of this, a number of companies are concentrated on offering products that may satisfy the various needs of both end consumers.

by Distribution Channel

Online Stores
Department Stores
Monobrand Stores
Specialty Stores

The market is divided into department stores, online retailers, monobrand stores, and specialty stores based on the distribution channel. More hard luxury products are sold at monobrand and specialty stores than in the other two categories, and this tendency is anticipated to persist in the upcoming years. In monobrand and specialized stores, customers may see and handle the products firsthand, enabling them to compare their qualities face-to-face. Businesses are trying to increase their presence in department stores and retail spaces in an effort to expand their market reach. For instance, Burberry announced in February 2020 that it will purchase the Parisian department store chain Printemps, which offers a variety of luxury goods in addition to clothing and cosmetics.

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Key Players

1. Gucci
2. Signet
3. Tissot
4. Bottega Veneta
5. Chanel
6. Giorgio Armani
7. Hermes International
8. Harry Winston
9. Louis Vuitton
10.Beaumont & Charlesworth
11.Graff Diamonds Ltd.
12.Swatch Group
13.Richemont
14.Bulgari
15.Chanel S.A.
16.Ralph Lauren Corp.
17.Tiffany and Co.
18.Rolex
19.Cartier
20.Chopard
21.Pandora Jewellers

Table Of Content

Part 01: Executive Summary

Part 02: Scope of the Hard Luxury Goods Market Report

Part 03: Hard Luxury Goods Market Landscape

Part 04: Hard Luxury Goods Market Sizing

Part 05: Hard Luxury Goods Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Key Offerings:

A detailed Market Overview
Market Share, Size, and Forecast by Revenue
Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
Market Segmentation- A detailed analysis of each segment and their segments
Competitive Landscape - Leading key players and other prominent key players.

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