Global Luxury Goods Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2022-2027 | EMR Inc.

Expert Market Research’s new report titled “Global luxury goods market Report and Forecast 2022-2027′, gives an in-depth analysis of the global luxury goods market, assessing the market based on its segments such as product, distribution channel, end users and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Luxury Goods Market Share, Size, Trends, Industry Report, Key Player, Major Segments and Forecast

Key highlights of the report include:

Market Overview (2017-2027)

  • Historical Market Size (2021): $269.4 billion
  • Forecast CAGR (2022-2027): 4.73%
  • Forecasted Market Size (2027): $355.5 billion
Report attribute Details
Historical period 2017-2021
Forecast period 2022-2027
base year 2021
Market size in 2021 269.4 billion
Revenue forecasts in 2027 355.5 billion
Growth rate CAGR 4.73%
Main actors LVMH Moet Hennessy-Louis Vuitton SA, Compagnie Financière Richemont SA, Kering SA, Chow Tai Fook Jewelry Group Limited and Luxottica Group SpA.

Based on the mode of distribution, the offline channel accounts for a large market share in the global luxury goods market, due to the accessibility of offline stores to a large number of people and the availability of a wide range of options. However, in the coming years, the purchase of luxury goods through online channels is expected to experience the fastest growth owing to the growing internet penetration and convenience offered by e-commerce platforms.

The growing disposable income of people and their growing preference to spend more on luxury items is driving the growth of the luxury goods market.

Definition of the luxury industry and main segments

Luxury goods are non-essential items that are purchased for reasons such as self-esteem and improving one’s status in society. According to the economy, the demand for luxury goods increases in proportion to the increase in income.

Various products are considered luxury goods:

  • Watches and Jewelry
  • Perfumes and Cosmetics
  • Clothes
  • Bags/purses
  • Others

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On the basis of distribution channel, the luxury goods market is segmented as follows:

By end-users, the market is split into:

Luxury Goods Market Trends

The main trend seen in the market is the growing inclination towards personalized luxury items like bags and watches. Also, the increasing purchase of luxury items to enhance or emphasize one’s status in society is gaining ground. On top of that, consumers are also showing more interest in sustainable items like vegan bags.

Market players are using strategies such as digital engagement via fashion bloggers and celebrities to attract more people to their products.

Main market players

The main players in the luxury market are:

  • LVMH Moet Hennessy-Louis Vuitton SA
  • Financial Company Richemont SA
  • Kering S.A.
  • Chow Tai Fook Jewelry Group Limited
  • Luxottica SpA Group
  • Others

The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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