PUBLISHER: SkyQuest | PRODUCT CODE: 1270681
PUBLISHER: SkyQuest | PRODUCT CODE: 1270681
Global Luxury Goods Market Size, Share, Growth Analysis, By Product (Watches & Jewellery, Perfumes &Cosmetics), By End-User(Men, Women), By Distribution Channel(Offline, Online) - Industry Forecast 2022-2028
Global Luxury Goods Market size was valued at USD 230.05 billion in 2021 and is poised to grow from USD 242.8 billion in 2022 to USD 369.8 billion by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).
The exhibition of the status emblem involves premium items significantly. Because of this, only a small number of people worldwide can afford to purchase such items. Businesses are concentrating their creative ideas on an affluent clientele as a result of the fact that for such consumers, the product's price is often not a deciding factor and instead the distinctiveness and prestige of the product are the key factors influencing their purchase. Like the lavish MARQ Golfer smartwatch that Garmin International, Inc. debuted in June 2020. A 46 mm titanium case and a ceramic bezel with precisely carved markers for the 1-18 golf holes are among the high-quality parts that make up this watch. The watch also contains features that can help golfers perform better, such as PlaysLike Distance, Hazard View, and Virtual Caddie.
Due to employment losses and decreased income levels brought on by the Covid Pandemic in 2020, the working groups' income levels changed. It had a negative effect on the market for luxury products for at least two years. The need to purchase such pricey things was diminished by stay-at-home orders. A number of festivities and events with a fashion theme were cancelled or postponed as a result of the lockdown, which had an impact on the market for these products. Also negatively impacted by the cancellation of trips and vacations were purchases made while travelling, like those made at duty-free shops at airports or on cruises. As an illustration, the pandemic decreased income creation in 2020 across all categories of luxury products, according to LVMH's financial results during the first half of 2020, which were released in July 2020. The same source reports that the company's revenue from the watches & jewellery and fragrances & cosmetics segments also declined by about 29% and 38%, respectively, over the same period in 2019. However, it was noted that customers had positive feedback about online purchases as a result of the closure of retail outlets. As a result, in the near future, the global market for luxury personal goods is probably going to pick up steam through internet channels, and the elimination of lockdown restrictions will facilitate this.
Top-down and bottom-up approaches were used to estimate and validate the size of global Luxury Goods Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Segments covered in this report
Global Luxury Goods Market is segmented based on product, end-user, distribution channel and region. Based on the product, the market is segmented into watches & jewelry, perfumes &cosmetics, clothing, bags/purses, and others. Based on the end-user, the global luxury goods market is segmented men and women. Based on the distribution channel, the market is divided into offline and online. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Market Expansion Will Be Supported by a Growing Wealthy Population
Luxury goods are primarily products that the wealthy sector of the population examines, as the name suggests. Thus, an increase in the population of wealthy people is anticipated to fuel the market for luxury items. For instance, according to information from Oxfam International published in January 2020, there are about 2,153 billionaires in the globe who are wealthier than the 4.6 billion people who account for 60% of the global population. Businesses are modifying their product offers in order to appeal to the millennial and Gen Z demographic. As an illustration, Louis Vuitton gives consumers the choice to hand-paint or add a hot stamp to their handbags. Therefore, the wealthy population's increasing desire for high-end fashion items would boost the market's growth.
Growing Opportunities Due to Increased Awareness of Sustainable Products
The market for luxury goods is embracing the trend towards sustainability and encouraging the use of environmentally friendly raw materials and responsible energy management. In place of leather made from animals, producers now use plant-based leather, such as that derived from pineapple and other natural resources. For instance, the luxury goods retailer Vikki Jones debuted a new line of eco-friendly tote bags in June 2020. These bags are made entirely of vegan leather, ensuring that no animals were harmed during production.
The use of less water, less power, and safer raw materials is also emphasised across the supply chain. One such agreement was signed in November 2019 between the Prada Group and the Credit Agricole Group. A five-year, 50 million euro sustainability term loan will have lower interest rates if Prada achieves its sustainability objectives. The sustainability objectives include, among other things, employing Re-Nylon (regenerated nylon) in product production and achieving LEED Gold or Platinum Certification for the company's retail sites. Therefore, increased initiatives to create luxury goods responsibly will probably lead to an increase in demand for green products.
Restraint
Increasing Use of Second-Hand and Fake Branded Products to Suppress Demand
A growing trend of renting luxury goods or purchasing used luxury goods, which are accessible for less money than they were originally cost, is predicted to hinder the growth of the global market for luxury goods. In a similar vein, it is projected that the rising practise of counterfeiting, in which products that resemble premium brands are sold for less money, will obstruct market expansion.
Market Trends
The luxury goods sector is currently experiencing a significant trend of integrated items.
Products with cutting-edge styling and design that integrate electronic elements into accessories like jewellery, purses, or eyewear are anticipated to see an increase in demand. For instance, in April 2019, the smart jewellery brand Totwoo Fashion Technology Co., Ltd. unveiled its "Wonderland" line, which includes pendants with intelligent cores that are socially interactive wearable technology. From jewellery to mobile applications, the core is utilised to transfer data over Bluetooth.
Similar to this, Totwoo launched its 'Morse Code Series' collection in 2020. It is aimed at couples and includes Morse code rhythm necklaces that warn the other person whenever the first person taps his or her necklace. Other features of the necklace include step tracking, phone notification, personalised alert, private diary, long-distance remote sensing (Love rhythm), love code pair communication, and step tracking and pair conversation. The launch of high-end smart products is therefore expected to boost demand for those goods.
Table of Contents
Executive Summary
Market overview
- Exhibit: Executive Summary - Chart on Market Overview
- Exhibit: Executive Summary - Data Table on Market Overview
- Exhibit: Executive Summary - Chart on Global Global Luxury Goods Market Characteristics
- Exhibit: Executive Summary - Chart on Market by Geography
- Exhibit: Executive Summary - Chart on Market Segmentation
- Exhibit: Executive Summary - Chart on Incremental Growth
- Exhibit: Executive Summary - Data Table on Incremental Growth
- Exhibit: Executive Summary - Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy-scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Global Luxury Goods Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
- Global Global Luxury Goods Market by Product
- Market segments
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Data table on Market share 2021-2027 (%)
- Watches & Jewellery
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Perfumes &Cosmetics
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Clothing
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Bags/Purses
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Others
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Global Global Luxury Goods Market by End-User
- Market segments
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Data table on Market share 2021-2027 (%)
- Men
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Women
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Global Global Luxury Goods Market by Distribution Channel
- Market segments
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Data table on Market share 2021-2027 (%)
- Offline
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Online
- Market Estimates & Forecast, 2020-2027
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Ralph Lauren Corporation (New York, U.S.)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Shiseido Company, Limited (Tokyo, Japan)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Kering SA (Paris, France)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Chow Tai Fook Jewellery Group Limited (Central, Hong Kong)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- The Estee Lauder Companies Inc. (New York, U.S.)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- LVMH Moet Hennessy-Louis Vuitton SA (Paris, France)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Compagnie Financiere Richemont SA (Geneva, Switzerland)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- Luxottica Group SpA (Milan, Italy)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- The Swatch Group Ltd. (Biel / Bienne, Switzerland)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
- L'Oreal Group (Clichy, France)
- Exhibit Company Overview
- Exhibit Business Segment Overview
- Exhibit Financial Updates
- Exhibit Key Developments
