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IMARC Group’s report titled “Luxury Goods Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global luxury goods market size reached US$ 263.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 337.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.40% during 2023-2028.
Luxury goods are high-end products or services associated with superior quality, exclusivity, and prestige. They encompass various types of commodities, ranging from fashion items like clothing and accessories to automobiles, watches, jewelry, and travel experiences. They are characterized by their exceptional craftsmanship, exquisite design, and premium materials. They are often marketed and sold in upscale retail environments, reinforcing their exclusivity. They serve as a status symbol of the social and financial standing of an individual. They are primarily used to elevate the lifestyle, project a unique identity, and derive satisfaction from the finest quality. They are utilized for personal enjoyment to showcase taste and style, and often as investments.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/luxury-goods-market/requestsample
Luxury Goods Market Trends and Drivers:
The increasing emergence of online shopping platforms and digital marketing strategies by luxury brands to reach a broader and younger audience represents one of the key factors impelling the market growth. Additionally, the rising incorporation of technology into luxury products, such as including smart features in high-end watches, is attracting tech-savvy people looking for a blend of luxury and functionality. Besides this, the growing collaborations of luxury brands with artists, influencers, and other brands to create limited-edition products and drive exclusivity and appeal among consumers are offering a favorable market outlook. Moreover, the increasing need for personalization and customization in products is encouraging luxury brands to provide items catering to individual needs. In addition, the rising adoption of omnichannel retailing, wherein brands offer a seamless online and offline shopping experience, is enhancing consumer buying behavior in the luxury sector. Furthermore, the growing adopting artificial intelligence (AI) to predict consumer trends, optimize supply chains, and provide enhanced, personalized shopping experiences, is positively influencing the market. Apart from this, the increasing interest in niche luxury segments, such as luxury wellness, high-end home decor, and artisanal goods, offering consumers specialized, unique luxury experiences are bolstering the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Product Type Insights:
- Watches and Jewellery
- Perfumes and Cosmetics
- Clothing
- Bags/Purse
- Others
Distribution Channel Insights:
- Offline
- Online
End User Insights:
- Women
- Men
Regional Insights:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape with Key Player:
- Chanel
- Compagnie Financière Richemont S.A.
- Gianni Versace S.r.l
- Giorgio Armani S.p.A
- Hermès International S.A.
- Kering S.A.
- LVMH Moët Hennessy Louis Vuitton
- Prada S.p.A.
- Ralph Lauren Corporation
- Rolex SA
- The Estée Lauder Companies Inc.
- The Swatch Group Ltd
- Valentino S.p.A
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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