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Luxury Goods Global Market to Reach $369.8 Billion by 2030: Younger Generation & Millennials Redefine and Drive Growth in Luxury Market
Global Market for Luxury Goods
Dublin, March 14, 2023 (GLOBE NEWSWIRE) -- The "Luxury Goods: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Luxury Goods estimated at US$242.8 Billion in the year 2022, is projected to reach a revised size of US$369.8 Billion by 2030, growing at a CAGR of 5.4% over the analysis period 2022-2030.
Apparel, one of the segments analyzed in the report, is projected to record a 6.7% CAGR and reach US$115.4 Billion by the end of the analysis period.
Taking into account the ongoing post pandemic recovery, growth in the Cosmetics & Perfumes segment is readjusted to a revised 5.6% CAGR for the next 8-year period.
The U.S. Market is Estimated at $53.1 Billion, While China is Forecast to Grow at 7.3% CAGR
The Luxury Goods market in the U.S. is estimated at US$53.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$42.4 Billion by the year 2030 trailing a CAGR of 7.3% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$60.9 Billion by the year 2030.
Select Competitors (Total 175 Featured) -
Burberry Group Plc
Chanel S.A.
Cie Financiere Richemont SA
Giorgio Armani SpA
Hermes International S.A.
Kering S.A.
L'Oreal S.A.
Luxottica Group S.p.A.
LVMH Moet Hennessy Louis Vuitton
Mulberry Group PLC
Prada S.p.A.
Ralph Lauren Corporation
Rolex SA
The Estee Lauder Companies Inc.
The Swatch Group Ltd.
Gianni Versace S.r.l.
What`s New for 2023?
Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and Research Platform
Complimentary updates for one year
Key Attributes:
Report Attribute | Details |
No. of Pages | 494 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $242.8 Billion |
Forecasted Market Value (USD) by 2030 | $369.8 Billion |
Compound Annual Growth Rate | 5.4% |
Regions Covered | Global |
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Impact of COVID-19 Pandemic and Looming Global Recession
Luxury Brands Focus on Positive Contributions to Fight COVID-19
Changing Consumer Behavior to Impact Luxury Goods Market in Post Pandemic Period
Players Devise Digital Strategies to Stay Afloat During the Pandemic
Taking Steps to Deal with Unsold 2020 Inventory and Plan for 2021 Collections
COVID-19 Presents Significant Challenges to Luxury Brands and Wholesalers
Pandemic Crisis Weakens Economic Environment, Affecting Luxury Goods Market
World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
An Introduction to Luxury Goods
Types of Luxury Goods
Global Market Prospects & Outlook
Competition
Global Luxury Goods Market Breakdown by Leading Competitors (in %) for 2019
Valuable Luxury Brands Worldwide: Ranked by Brand Value (in US$ Billion) for 2020E
COVID-19 Crisis Presents Opportunity to Acquire High-Potential Luxury Brands
Luxury Brands Differentiate Even in Digital Transition Efforts
Key Competitors in the Luxury Watches Domain
Swiss Watches Global Competitor Share Positioning for 2019
World Brands
Recent Market Activity
Luxury Goods - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Collapse of Global Travel & Tourism Industry Dents Prospects in Luxury Goods Market
COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
COVID-19 Impact on Tourism Industry: % Change in International Tourist Arrivals by Region for 2019 and Q1 2020
Countries with Maximum Vulnerability to COVID-19 Impact on Tourism Industry: Travel & Tourism Industry as % of GDP by Country for 2019
As Airlines Industry Struggles Amidst the COVID-19 Crisis, Impact Imminent on Airport Luxury Retail Sales
COVID-19 Pandemic Dents Airline Revenues: Commercial Airline Revenue Growth (in %) for 2010-2020E
Personal Incomes of People: A Critical Factor Influencing Market Prospects
High Net Worth Individuals and Changing Lifestyles Boost Luxury Goods Market
High Net Worth Individuals Influence Sales of Luxury Goods: Number of Ultra-High Net Worth Individuals (UHNWIs) by Region for 2019
Younger Generation & Millennials Redefine and Drive Growth in Luxury Market
Personal Luxury Goods Market by Generation (in %) for 2020E
Global Millennials Population Spread by Region: 2019
Millennial Population as a Percentage (%) of Total Population in Select Countries: 2019
Notable Trends Impacting Global Luxury Goods Industry
Affordable Luxury to Influence Market Outlook
Rising Sales of Second Hand Luxury Goods
Global Personal Luxury Goods Market by New Sales and Resale (in %) for 2019 and 2021
Role of Digital Technologies in Shaping the Luxury Goods Market
Augmented Reality Transforms Luxury Retail Experience
Artificial Intelligence: Playing a Critical Part in Personalizing Shopping Recommendations
Luxury Watches: A Strong Growth Driver for the Watch Market
Luxury Watch Market in the US: Percentage Breakdown of Value Sales by Product for 2019 and 2025
Luxury Wristwatches Market Set to Decline amidst COVID-19 Crisis
Swiss Watches: The Primary Luxury Watch Category
Global Swiss Watch Exports: Percentage Breakdown of Export Value by Region for 2019
Online Channels: A Possible Way Out for Luxury Watchmakers
Global Luxury Watch Market: Percentage Breakdown of Sales by Distribution Channel for 2019
Luxury Footwear Designers Gain Traction
Affordable Luxury: Not just an Oxymoron in Footwear Space
Luxury, Premium Fragrances: Key Segment in Overall Fragrances & Perfumes Market
Pandemic Hurts Prospects of Luxury Apparel Brands
Resale of Luxury Apparel Gains Momentum
E-Commerce Retail Spurs Sales of Luxury Goods
COVID-19 Driven Rise in E-Commerce Sales Benefit Luxury Goods Market: Global Retail E-Commerce Website Traffic in Average Monthly Visits (in Billions) for Jun-2019 to Jun-2020
Popular Luxury Brands Online: Percentage Share of Search Interest by Brand for 2020
Counterfeits: A Major Concern for the Luxury Goods Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/p4z5ue
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