Market Insights report
The Luxury Goods market has enjoyed a remarkable upsurge during the last decade with growth rates exceeding mass consumer goods markets by a wide margin. However, the industry has had to face headwinds in some segments since 2015 that are attributable to weakening demand from emerging countries and the U.S. in particular. To unlock future growth, brands have to embrace their materially satisfied customers’ desire for novel experiences. Key players include the multi-segment and multi-label companies LVMH (Moët Hennessy Louis Vuitton), Kering and Richemont as well as specialized companies like L'Oréal Luxe, Estée Lauder, Swatch or Rolex.
What's included?
In the Consumer Market Outlook, Luxury Goods encompass highly exclusive personal items that convey the taste and status of their owners.
The market is divided into five segments: Luxury Leather Goods, Luxury Watches & Jewelry, Luxury Fashion, Luxury Eyewear and Prestige Cosmetics & Fragrances. Key trends shaping the industry are a continued emphasis on manufacturer-owned retail, a more pronounced shift of sales from the established core markets in Western Europe, North America and Japan to Greater China and other emerging markets and a bigger role of the still underdeveloped eCommerce channel.This report from the series of Consumer Market Outlook reports gives an overview of the Luxury Goods market from an international perspective. Besides all relevant market figures like total and per capita revenues for the years from 2018 to 2028, we furthermore give detailed insights into current trends, key players and important background information on the Luxury Goods market.
In general, the Luxury Goods market is expected to grow at a CAGR of 3.9% between 2018 and 2028. Within the Luxury Goods market, the Luxury Leather Goods market shows the highest growth potential and are expected to increase by 39.5% reaching US$92.4 billion in 2028.
Note: CAGR: Compound Annual Growth Rate
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