Rising disposable income, improving lifestyles, and increasing innovation in existing luxury product offerings are the leading factors driving the global luxury goods market during the forecast period.
According to TechSci Research report “Global Luxury Goods Market By Type (Jewelry & Watches, Clothing & Footwear, Bags & Accessories, Cosmetics & Fragrances), By Distribution Channel (By Distribution Channel (Exclusive Stores, Airports, E-Commerce, Specialty Store & Others (Departmental Stores, Hypermarket/Supermarket, Multi-Branded Stores etc.)), By Region, Competition, Forecast & Opportunities, 2026”, global luxury goods market was valued USD258.12 billion in 2020 and is anticipated to grow at a CAGR of 8.52% in value terms, in the next five years to reach USD429.81 billion by 2026. The growth in the market is driven by rising fashion conscious middle-class consumers, changing shopping habits and increasing focus on personal grooming. Moreover, growing concerns regarding personal appearance due to social media penetration, increasing disposable income, growing working females, and changing lifestyles of consumers are expected to drive the global luxury goods market.
Rising per capita disposable income has led to an increase in the consumption and consumer spending on lifestyle and luxury products. Thus, an increasing number of consumers nowadays are not compromising with the product quality irrespective of its cost. Such consumer behavior on account of rising disposable income is positively influencing the global luxury goods market. Moreover, rising disposable income levels have increased the purchasing power of consumers, which has resulted in an improved standard of living. Furthermore, the luxury sector’s largest growth potential continues to be Chinese customers.
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Global luxury goods market can be segmented based on type, distribution channel, company and region. In terms of type, the market can be segregated into jewelry & watches, clothing & footwear, bags & accessories, cosmetics & fragrances. Out of these, jewelry & watches followed by clothing & footwear segment accounted for the lion’s share in 2020. The segment is further projected to advance with a CAGR of 7.18% in the forecast period. The demand for the segment is characterized by the increasing penetration of the organized sector, coupled with evolving consumer lifestyle and growing disposable income. Furthermore, with the growing magnitude of festival celebrations across the world, the jewelry segment’s demand is visibly going up. Also, with the advent of internet and other technological advances, consumers are well informed about the latest fashion trends at one click.
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Some of the major players operating globally in the luxury goods market are LVMH Group, Compagnie Financière Richemont SA, Kering SA, L’Oréal S.A., Chanel Limited, PVH Corp., The Estée Lauder Companies Inc., The Swatch Group Ltd., Rolex SA, Prada S.p.A, etc. The market for luxury goods is fragmented. Among these, LVMH accounted for share of 13.80% in 2020.
“Asia-Pacific region is projected to advance with the fastest growth in the global luxury good market with a CAGR of 9.77% through 2026, on account of growing aspirational higher and middle-income group population, lifestyle upgradation, rising dual income population and increasing purchasing power of the consumers. The growth of the Asia-Pacific region is attributed to the high population density in the region. Also, the urban consumers in this region are showing a greater inclination towards luxury goods as they are continuously spending on products that meet their tastes and preferences. Furthermore, countries like China, India, etc., exhibit a huge growth potential owing to the presence of large urban agglomerations, which results in the increasing demand for luxury goods. Moreover, customers in these countries are distinctively divided into traditional and novice customers. The traditional customers have in-depth knowledge about the high-end brands and focus more on intrinsic attributes like legacy, timelessness and craftmanship. Whereas the novice customers are those who purchase luxury items in order to fit in with the society. They are driven by extrinsic factors like brand image, brand provenance and brand logo.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Luxury Goods Market By Type (Jewelry & Watches, Clothing & Footwear, Bags & Accessories, Cosmetics & Fragrances), By Distribution Channel (By Distribution Channel (Exclusive Stores, Airports, E-Commerce, Specialty Store & Others (Departmental Stores, Hypermarket/Supermarket, Multi-Branded Stores etc.)), By Region, Competition, Forecast & Opportunities, 2026”, has evaluated the future growth potential of global luxury goods market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global luxury goods market.
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