Luxury Goods Market: Global Industry Size, Share, Growth, Trends, and Forecast Analysis From 2016 To 2024

The global luxury goods market is immensely growing owing to shifting preferences of individuals toward cutting-edge and sophisticated products. Although, there is economic turbulence seen in a number of developed markets and this is why there is an increasing currency devaluation, still the growth of the market is poised to rise in the coming years. The market is also positively impacted by the soaring count of high net-worth individuals globally.

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This study presents an in-depth understanding of the market for luxury goods by presenting a comprehensive perspective of the supply, demand, drivers, trends, and restraints influencing the growth of the market for luxury goods. This market has been categorized on a number of attributes and macro and micro level insights into the market have also been encapsulated.

The report also delves into the factors driving and restraining the growth of the market. The prime opportunities in the market have also been showcased by presenting their future impact on the development of the market. The competitive landscape section of the report encapsulates highlights on the top players dominant in the market. This section also includes the key product introductions by these players and their main strengths and weaknesses.

Global Luxury Goods Market: Drivers and Restraints

The consumer goods possessing cutting-edge craftsmanship, quality, refinement, and a reputed brand name are known as luxury goods. Things such as fragrances and perfumes, watches, fine liquor, apparels, jewelry, etc. all fall under the category of luxury goods. Luxury goods’ demand is highly dependent on the economic stability of a particular regions owing to the fact that these goods can be purchased mainly by the upper economic classes. The companies operating in this market are now presenting more affordable luxury products in order to increase their customer base in all these product segments, thus boosting the overall growth of the market.

The superior living standards of individuals, particularly in emerging nations, is a prime factor fuelling the growth of the market for luxury goods. In addition, the rising employment of marketing activities and campaigns via digital media platforms in the industry of travel retail will positively impact the development of the global luxury goods market. On the other hand, the soaring tariffs within some lucrative markets such as China, India, and Brazil and the dearth of raw materials may impede the growth of this market in the coming years.

Global Luxury Goods Market: Region-wise Outlook

Geographically, the report segments the market into North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe led the market in the past and is predicted to maintain its superiority in the coming years, on the basis of revenue. This is due to the established presence of a number of manufacturers of luxury goods in nations such as Germany, Switzerland, France, and Italy. In addition, this region is also characterized with a huge count of duty-free shops and an immensely dense travel retail network, thus shifting customers’ preference toward luxury goods.

On the other hand, Asia Pacific and RoW have also emerged as swiftly developing markets having a huge count of newly listed high net-worth individuals residing in these regions since past few years.

Key players Mentioned in the Report are:

The top players in this market are Hermes International S.A., LVMH, Prada S.p.A., Kering Group, The L'Oréal Group, Coty, Inc., Compagnie Financière Richemont S.A. (hereby referred as Richemont), Rolex S.A., Tiffany & Company, and others.

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