Global luxury goods market projected to reach USD 699.77 billion by 2033, driven by rising incomes and changing consumer views.

From GlobeNewswire: 2024-07-23 02:00:00

The Global Luxury Goods Market is projected to grow from USD 365.98 Billion in 2023 to USD 699.77 Billion by 2033, with a CAGR of 6.70%. Luxury goods are pricey products associated with social status and superior quality, usually intended for affluent consumers. Rising incomes and changing consumer views are driving the demand for luxury goods. North America holds the largest market share, while Asia Pacific is expected to grow fastest. Major vendors include Chanel, Burberry, Prada, and more.

The apparel segment is expected to dominate the global luxury goods market, driven by cutting-edge designs and shifting fashion trends. The women segment is anticipated to hold the largest market share, as women increasingly seek unique and stylish apparel. The offline distribution channel is predicted to have the greatest share due to the ability for customers to physically see and touch products in-store.

North America leads the global luxury goods market, supported by a fashion-conscious consumer base. Social media influencers play a significant role in influencing consumer purchasing decisions. Asia Pacific is expected to grow rapidly, with luxury brands expanding retail presence in the region. Competitive analysis highlights key players like Chanel, Prada, Estée Lauder, and Hermes. Recent developments include Prada’s launch of a limited edition upcycled bag series.

Spherical Insights & Consulting offers market research and consulting services to aid decision-makers. Market segment analysis includes segments based on product type, end-user, distribution channel, and region. Reports on related markets like the Pregnancy Pillow Market and Wearable Solar Technology are available for further insights. For more information, contact Spherical Insights at +1 303 800 4326 (US) or +91 90289 24100 (APAC) or email [email protected] or [email protected]. Follow on LinkedIn, Facebook, and Twitter for updates.



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