Global hard luxury goods market projected to grow to USD 253.84 billion by 2033.

From GlobeNewswire: 2024-08-09 22:00:00

The Global Hard Luxury Goods Market is projected to grow from USD 163.96 Billion in 2023 to USD 253.84 Billion by 2033, at a CAGR of 4.47%. Companies emphasize advertising campaigns to showcase high-quality products to customers from higher social classes with increasing global economy and high-net-worth individuals driving demand. Counterfeit products remain a significant threat due to technological advancements in replica production.

The watches segment is expected to dominate the global hard luxury goods market, with sales forecasted to grow at a CAGR of 10.08% during the projection period. Women segment is anticipated to hold the largest share of the market due to a growing preference for luxury accessories. Specialty store & monobrand stores segment is projected to have a significant market share.

Europe is poised to lead the global hard luxury goods market, with key players like Graff Diamonds Ltd, Swatch Group, and Louis Vuitton. North America is expected to show the fastest growth due to its high average income population. Major vendors compete through product offerings, business strategies, and geographic presence. Strategic alliances and mergers drive competition and innovation in the market.



Read more at GlobeNewswire: Global Hard Luxury Goods Market Size To Worth USD 253.84