DUBLIN--(BUSINESS WIRE)--The "Global Luxury Goods Market Factbook (2023 Edition) - Analysis By Product Type, Gender, Sales Channel, By Region, By Country: Market Size, Insights, Competition, Covid-19 Impact and Forecast (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Global Luxury Goods Market attained a market value of USD 262.66 Billion in 2021 and is expected to grow at a CAGR of 5.63 % during the forecast period of 2023-2028.
The demand for Luxury Goods is influenced by the increasing purchasing power of High Net Worth Individuals and Ultra High Net Worth Individuals. Authenticity, prestige and exclusivity are key factors responsible for the significant growth of luxury goods. Further, the market for luxury goods is being driven by Millennials and Gen Z, who are heavily influenced by the status quo and social media influencers.
According to Capgemini's World Wealth Report 2022, the High Net Worth Individuals population expanded by 7.8% and global wealth expanded by 8% in the year 2021. Consequently, the demand for luxury goods is witnessing an upward shift across developed nations such as the United States and Western European countries. However, Asia-Pacific acquires the largest share and is expected to grow at the fastest rate at a CAGR of 6.56%.
The increasing average ratio of wealth from women to men's wealth is boosting the demand for women's luxury goods such as handbags, cosmetics, perfumes and footwear. Furthermore, luxury beauty brands are growing rapidly as the beauty industry grows and the demand for premium cosmetics rises. However, Luxury clothing and footwear continue to hold a prominent position in the market throughout the forecast period.
Luxury goods companies are attempting to use technology to create eco-friendly advanced materials. Luxury brands are also focusing on the High earners Not rich yet (HENRY) group which is likely to gain substantial wealth in the future and become important buyers.
The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
The companies analysed in the report include
- LVMH
- Kering S.A
- Richemont S.A
- The Estee Lauder Companies Inc.
- L'Oreal SA
- Chanel
- EssilorLuxottica
- PVH Corp.
- Hermes International SA
- Chow Tai Fook Jewelry Group Limited
Key Topics Covered:
1. Market Background
1.1 Scope and Product Outlook
1.2 Executive Summary
1.3 Research Methodology
2. Strategic Recommendations
3. Global Luxury Goods Market: Historic and Forecast (2018-2028 )
3.1 Impact Analysis of Macro Economic Factors on Luxury Goods Market
3.2 Global Luxury Goods Market: Additional Pointers
3.3.1 Global Luxury Goods Market: Brand Ownership Matrix of Top 15 Luxury Goods Companies
3.3.2 E-Commerce Models of Top Luxury Goods Companies
3.3.3 Product Wise Company Positioning in Leading Countries
3.3.4 Latest Brands/Companies in Luxury Goods Market
3.3 Global Luxury Goods Market: Dashboard
3.4 Global Luxury Goods Market: Market Size and CAGR, 2018-2028 (USD Billion & CAGR)
3.5 Impact of COVID-19 on Luxury Goods Market
3.6 Global Luxury Goods Market Segmentation : By Product Type
3.6.1 Global Luxury Goods Market, By Product Type Overview
3.6.2 Global Luxury Goods Market Size, By Bags and Accessories, By Value, 2018H-2028F (USD Billion & CAGR)
3.6.3 Global Luxury Goods Market Size, By Jewelry and Watches, By Value, 2018H-2028F (USD Billion & CAGR)
3.6.4 Global Luxury Goods Market Size, By Cosmetics and Fragrances, By Value, 2018H-2028F (USD Billion & CAGR)
3.6.5 Global Luxury Goods Market Size, By Clothing and Footwear, By Value, 2018H-2028F (USD Billion & CAGR)
3.6.5 Global Luxury Goods Market Size, By Other Product Type, By Value, 2018H-2028F (USD Billion & CAGR)
3.7 Global Luxury Goods Market Segmentation : By Gender
3.7.1 Global Luxury Goods Market, By Gender Overview
3.7.2 Global Luxury Goods Market Size, By Men, By Value, 2018H-2028F (USD Billion & CAGR)
3.7.3 Global Luxury Goods Market Size, By Women, By Value, 2018H-2028F (USD Billion & CAGR)
3.8 Global Luxury Goods Market Segmentation : By Sales Channel
3.8.1 Global Luxury Goods Market, By Sales Channel Overview
3.8.2 Global Luxury Goods Market Size, By Branded Stores, By Value, 2018H-2028F (USD Billion & CAGR)
3.8.3 Global Luxury Goods Market Size, By Specialized Stores, By Value, 2018H-2028F (USD Billion & CAGR)
3.8.3 Global Luxury Goods Market Size, By Online Channel, By Value, 2018H-2028F (USD Billion & CAGR)
For more information about this report visit https://www.researchandmarkets.com/r/ohxpz7-luxury?w=4
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