Luxury Industry Exclusive Report on the Latest Revenue and Future Scope
22 Jan, 2025
Luxury Industry size was estimated at USD 367,230 million in 2023 and is projected to reach USD 593,559.76 million in 2030 at a CAGR of 7.10 % during the forecast to 2030.
Experts in the Luxury Industry highlight several key trends driving growth and innovation. The luxury industry encompasses a wide range of high-end products and services, from fashion and automobiles to travel and real estate, catering to affluent consumers who value quality, exclusivity, and status. It has expanded beyond tangible goods to include personalized experiences, with a growing focus on sustainability and digital engagement.
Driven by rising disposable incomes, particularly in emerging markets, and the increasing influence of social media, the industry is evolving to meet demand for unique, high-value offerings. As consumer preferences shift towards experiences and ethical practices, luxury brands are adapting to stay relevant in a competitive, globally connected marketplace.
Key Findings
· The apparel segment accounted for approximately 26.5% of global luxury market revenue in 2023, with factors like continuous product innovation, evolving fashion trends, and targeted marketing initiatives driving its dominance. For example, Louis Vuitton’s launch of pop-up stores and activations for its Spring-Summer 2024 Men’s Collection in key cities such as Paris, Seoul, Miami, London, Los Angeles, and New York highlighted the brand’s strategy to engage consumers globally.
· The handbags segment is forecast to grow at a CAGR of 8.2% from 2024 to 2030. Handbags, once purely functional items, have become powerful status symbols and reflections of personal style. This transformation is particularly evident in emerging markets, where rising disposable incomes and aspirational buying tendencies are driving demand.
· The perfumes and cosmetics segment is expected to grow at a CAGR of 7.0% from 2024 to 2030. This growth is largely fuelled by changing consumer preferences, with Gen Z and millennials increasingly shaping the luxury beauty market. These younger consumers, who tend to prioritize personalized and experiential products, are driving brands to offer customized offerings and immersive shopping experiences.
In January 2024, Miu Miu, a subsidiary of Prada, introduced its fourth limited-edition collection of upcycled bags, titled “Miu Miu Upcycled: Denim and Patch” bags. This collection continues the brand’s commitment to sustainability by reimagining denim and other materials into high-fashion, eco-conscious accessories.
In September 2023, Richemont SA unveiled a new venture into the beauty industry with the launch of Laboratoire de Haute Parfumerie et Beauté, a high-end division dedicated to luxury fragrances and beauty products. This move marks Richemont’s strategic expansion beyond traditional luxury goods, further diversifying its portfolio and tapping into the growing demand for premium beauty offerings.
Also in September 2023, Ralph Lauren expanded its footprint in Canada by opening its first brick-and-mortar luxury store in the country, accompanied by the launch of a dedicated e-commerce platform. This move reflects Ralph Lauren’s strategy to broaden its reach and better serve its Canadian clientele, offering both in-store experiences and online shopping for a seamless, luxury customer journey.
In June 2023, Kering Beauté, the beauty division of luxury conglomerate Kering, announced its acquisition of Creed, a prestigious and heritage-rich fragrance house. This acquisition is part of Kering's broader strategy to strengthen its position in the high-end beauty and fragrance sector, complementing its existing luxury offerings.
The Luxury Industry is segmented into various segments such as Product, end-user, region and Region.
Product
· Apparels
· Watches
· Jewellery
· Handbags
· Perfumes & Cosmetics
· Footwear
· Others
End-user
· Men
· Women
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
· Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for the Luxury Industry to understand the trends and the factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
In addition to the market data for the Luxury Industry, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
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