Fort Collins, Colorado, Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Luxury Goods Market was valued at USD 367.2 Billion in 2022 and is expected to reach at USD 494.1 Billion by 2032 at a CAGR of 3.1%.
Luxury goods add brand value and are bought to showcase social status. These goods include apparel, exotic food and drinks, bags and purses, eyewear, watches, cosmetics, precious stones, and luxury automobiles. Luxury goods manufacturers usually manufacture these goods in specific lots and numbers, which increases the demand for these products soon after the launch. Also, since they are made in limited quantities, the buyers are ready to pay any price. Additionally, these products are usually hand-crafted using the highest quality raw material, which makes these products high quality and expensive.
For decades, the demand for luxury goods and products has been on a rising spree. However, the trend has gained much traction in the middle-income groups in the developing countries. The demand for these products is directly proportional to the income levels of the buyer group, and with these rising levels, the market is also observing an upward trend. Additionally, it has been observed that increasing awareness of luxury brands results in high social acceptance and validation.
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Segmentation Overview:
The global luxury goods market has been segmented into product, end-user, distribution channel, and region. Fashion and leather goods, followed by jewelry and watches, hold a significant share of the product segment of the luxury goods market. Asia Pacific accounted for a significant share and is also expected to grow significantly in the luxury goods market, mainly due to the increasing income levels in this region. Also, this demand is driven by the millennials and Gen Z, and with their growing inclination towards luxurious lifestyles and products, the demand for these products is expected to grow further during the forecast period.
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Luxury Goods Market Report Highlights:
- The global luxury goods market growth is anticipated at a CAGR of 3.1% by 2032.
- Growing demand for luxury goods is a prominent factor for market growth.
- Based on the end-user overview, the luxury goods market is segmented as men and women.
- Based on products, the luxury goods market is segmented as Wines and Spirits, Perfumes and Cosmetics, Watches and Jewelry, Fashion and Leather Goods, Selective Retailing, and Others.
- Some prominent players in the luxury goods market report include Hermes International SA, LVMH, Prada Group, Burberry, Kering, Ralph Lauren Corporation, Rolex Rolled Rings, Estee Lauder Companies, L’Oreal SA, PVH Corp., and others.
Industry Trends and Insights:
- In 2023, luxury brands like Gucci, LVMH, Cartier, and other brands have entered the Indian market and have leased shops in Jio World Plaza, Mumbai. This facilitates their expansion India and unveils tremendous opportunities in the India fashion market.
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Luxury Goods Market Segmentation:
- By Product: Wines and spirits, perfumes and cosmetics, watches and jewelry, fashion and leather goods, others.
- By End-use: Men, women.
- By Distribution Channel: Online, offline.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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