Luxury Goods Market Overviews
Luxury Goods Market : size was valued at USD 447.63 Million in 2023 and the total Market revenue is expected to grow at 4.1% from 2024 to 2030, reaching nearly USD 593.02 Million
In economics, a luxury good is defined as a product for which demand increases disproportionately as income rises, leading to these goods comprising a larger share of overall expenditures. This contrasts with necessity goods, where demand increases at a slower rate than income. Luxury goods are frequently used interchangeably with superior goods, highlighting their distinct characteristics in consumer behavior.
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Luxury Goods Market Scope and Methodology:
The rise of technology-embedded products is a significant trend in the luxury goods market. Innovative and stylish items that incorporate technological features into jewelry, handbags, or eyewear are expected to drive product demand. For instance, in March 2023, innovation lab Cathy Hackl launched VerseLux, a high-end luxury jewel equipped with Near-Field Communication (NFC) chips in China.
Additionally, the growing number of affluent individuals is set to further stimulate the luxury goods market. As the name implies, luxury items are primarily sought after by high-net-worth individuals. The increasing presence of high-income groups is likely to fuel market growth, prompting companies to focus on millennials and Gen Z with tailored product offerings. For example, Louis Vuitton allows customers to personalize their handbags through hot stamping or hand-painting. This rising demand for high-end fashion products among wealthy consumers will support the growth of the personal luxury goods market.
Luxury Goods Market Regional Insights
The Asia Pacific market is projected to grow rapidly due to the increasing disposable incomes of the region’s middle-class population. Increasing access to global luxury brands would lead to increased product consumption. In July 2023, Burberry, a U.K.-based luxury products company, announced its first social retail store in Shenzhen, for Chinese consumers, along with Tencent’s partnership. The store spans about 539 sqm/5,800 sqft, with about 10 rooms offering various interactive, personalized retailing experiences. A surging number of working women in the region has accelerated the consumption of women-centric luxury products, such as handbags, high-end footwear, and jewelry products, with their growing disposable income.
Luxury GoodsMarket Segmentation
In 2023, the Offline segment led the Luxury Goods Market and is anticipated to maintain its dominance throughout the forecast period. This segment benefits from allowing customers to physically examine and compare products in-store, enhancing the shopping experience. Notably, event monitors accounted for the largest market share within this segment in 2023. Companies are focusing on strengthening their presence in retail and department stores to solidify their market position. For example, in February 2022, Burberry announced its acquisition of Printemps in Paris, a department store chain that offers a diverse range of luxury goods, apparel, and beauty products. While the offline segment remains dominant, the convenience of online channels is expected to make it the fastest-growing segment in the luxury goods market.
Luxury Goods Market Key Players
LVHM
Compagnie Financière Richemont SA
Kering SA
Chow Tai Fook lewellery Group Limited
The Estée Lauder Companies Inc.
Luxottica Group SpA
The Swatch Group Ltd.
L’Oréal Group
Ralph Lauren Corporation
Shiseido Company, Limited
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Key questions answered in the Luxury Goods Market are:
- What is Luxury Goods ?
- What was the Luxury Goods market size in 2023?
- What is the growth rate of the Luxury Goods Market?
- Which are the factors expected to drive the Luxury Goods market growth?
- What are the different segments of the Luxury Goods Market?
- What growth strategies are the players considering to increase their presence in Luxury Goods ?
- What are the upcoming industry applications and trends for the Luxury Goods Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Luxury Goods Market?
- Who are the leading companies and what are their portfolios in Luxury Goods Market?
- What segments are covered in the Luxury Goods Market?
- Who are the key players in the Luxury Goods market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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