Press release
Luxury Goods Market to Reach USD 724.99 Billion by 2034, Expanding at a CAGR of 6.5% 4o
The global luxury goods market size was valued at USD 387.68 billion in 2024. It is anticipated to generate an estimated revenue of USD 724.99 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust CAGR of 6.5% over the forecasted timeframe, 2025 to 2034.
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Market Scope
Luxury goods are products that are not essential for basic living but are highly valued in society for their exclusivity, quality, and ability to signify wealth or status. These items are typically purchased by affluent individuals who can afford to spend a significant portion of their income on non-essential goods.
Luxury goods are often associated with prestige, conspicuous consumption, and exclusivity, and they are commonly found in industries such as fashion, automobiles, watches, jewelry, and gourmet food. While luxury goods may not always be superior in quality compared to standard products, their high price and brand recognition make them symbols of distinction.
Market Dynamics
Growing Demand Among Millennials and Gen Z: Millennials and Gen Z are funding massively in luxury commodities that reflect their identification and ambitions. The World Economic Forum published data stating that there are 1.8 billion millennials globally, while Gen Z accounts for 2.47 billion of the global population. These generations are excessively impacted by social media and digital platforms, where luxury brands frequently have robust existence, pushing the luxury goods market ahead.
Rising Penetration of Smartphones: 5G smartphones permit consumers to effortlessly browse luxury brand websites, investigate contemporary collections, and shop online with a handful of taps. Social media platforms or user-generated content platforms, maximized for smartphone usage, boost subjection to luxury lifestyles and luxury commodities through trendsetters, celebrity posts, and targeted ads generating ambitious desire amongst users.
Market Participants
The market has the presence of both established players and new entrants. Major companies are noted below:
Burberry Group PLC
Chanel
Coty Inc.
Estée Lauder Companies Inc.
Golden Goose
Hermès International S.A.
Hugo Boss AG
Kering SA
Omega
Pandora Inc.
PATEK PHILIPPE SA
Prada S.p.A.
RALPH LAUREN
Richemont S.A.
Rolex SA
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Luxury Goods Industry Developments
April 2025: Rolex unveiled a new lineup of timepieces, including the GMT-Master II and the Oyster Perpetual. These models reflect the brand's continuous innovation and craftsmanship, embodying a vision of timeless elegance and precision.
October 2024: Golden Goose, a next-generation luxury brand known for its distinctive approach to sourcing, design, and distribution of iconic fashion items, marked its entry into the Indian market with the opening of its first retail store at Chanakya Mall in New Delhi.
Segmental Analysis
By Product Outlook (Revenue, USD Billion, 2020-2034)
Apparels
Watches
Jewelry
Handbags
Perfumes & Cosmetics
Footwear
Others
By End User Outlook (Revenue, USD Billion, 2020-2034)
Men
Women
By Distribution Channel Outlook (Revenue, USD Billion, 2020-2034)
Offline
Online
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Regional Outlook
Asia Pacific accounted for the largest market share in 2024 due to the region's expanding consumer base and rising disposable incomes.
North America is estimated to grow at a rapid pace during the assessment period owing to robust consumer disbursement and a strong e-commerce infrastructure.
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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