Global Luxury Goods Market Factbook: Size, Insights, Competition, and Forecast (2023-2028)

The Global Luxury Goods Market is expected to grow in the forecast period 2028 at a CAGR of 5.63% during the forecast period.
HOUSTON - March 9, 2023 - PRLog -- Luxury goods are the products that aren't essential but are very much desired and often associated with High-Net-worth Individuals (HNWI) and Ultra High Net-worth Individuals (UHNWI). Luxury goods are not necessary but are yet coveted in a certain culture or society. According to Canal Suisse, there were around 62.5 million millionaires by the end of 2021, 5.2 million more than the previous year.

The Luxury Goods market showcased growth at a CAGR of 1.62% during 2018-2021. The market was valued at USD 248.73 Billion in 2021 which is expected to reach USD 385.20 Billion in 2028. The primary drivers propelling the luxury goods sector are the increasing number of influencer marketing and the widespread use of social media marketing. Further, the market growth is propelled by authenticity, prestige, and exclusivity. Luxury brands such as Hermes and Birkin are considered an investment due to their high resale value and limited availability

Luxury Footwear has evolved into one of the most sought-after commodities in the luxury goods market. Footwear's utilization, visibility, and celebrity collaborations have contributed to its outstanding growth and widespread desirability, especially among the younger generation who are highly influenced by social media presence and endorsements of brands such as Nike (Air Jordans), Christian Louboutin, and Balenciaga.

Regional Insights

According to Azoth Analytics Estimates, Europe accounts for the largest revenue share in 2022. Europe is home to some of the largest brands in the Luxury Goods Industry. Additionally, on account of the comparatively lower pricing and a vast collection of new launches, and an array of luxury boutiques, Europe captures a substantial revenue share in the Global Luxury Goods Market. Clothing and Footwear is the key segment in the Europe Luxury Goods Market. The booming fashion industry of the region drives demand for luxury clothing and footwear segment. Additionally, Europe hosts several Film festivals and fashion shows which in turn is leading to Europe becoming a key market for Luxury Clothing and Footwear.

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