Market Insights Consumer
- China
- In 2024, the revenue in the Luxury Goods market in China is estimated to be US$56.08bn.
- It is projected that the market will experience an annual growth rate of 3.93% (CAGR 2024-2028).
- The largest segment within this market is Luxury Watches & Jewelry, which is expected to have a market volume of US$25.25bn in 2024.
- In comparison to other countries worldwide, in the United States generates the most revenue in the Luxury Goods market, reaching US$77,280m in 2024.
- When considering the population size, the per person revenue in China amounts to US$39.15 in 2024.
- Furthermore, online sales are predicted to contribute 21.5% of the total revenue in the Luxury Goods market by 2024.
- China's growing middle class is fueling a surge in demand for luxury goods, making it a lucrative market for high-end brands.
Key regions: United States, Russia, India, Singapore, United Kingdom
The conceptual key to understanding luxury in marketing is exclusivity. This exclusivity is maintained mainly by a high price point but also by consciously limiting sales volumes and outlets. In the Consumer Market Outlook, Luxury Goods encompass highly exclusive personal items that convey the taste and status of their owners. This includes Apparel, Footwear and Leather Accessories, Eyewear, as well as Watches and Jewelry, and Cosmetics. Data on luxury cars is not shown here but available in our mobility markets.
The market data presented here is based on an analysis of the financial filings for the years 2010 to 2017 of more than 100 companies that target the luxury segments within the specified categories. The most important players are shown as part of the competitive landscape. A complete list of all companies covered can be found in the methodology description. Smaller companies (with revenues of less than 150 million US-Dollars per year) and artisanal production unaffiliated with the covered companies are not included in the data. All market and company share data always refer to the retail value (including sales taxes). Sales of licensed brands (especially important in the Eyewear and Cosmetics segments) are attributed to the licensee, so for example, Hugo Boss fragrances are counted as Coty sales to avoid double counting.
Since reporting standards vary widely between companies, an array of estimation techniques has been employed to harmonize the reported key performance indicators with the market definitions employed here. Some of the most important indicators used in this process are shown at the bottom of the page. For example, among other indicators, the resident population of High Net Worth Individuals (abbreviated as HNWI, people with investible assets exceeding 1 million US-Dollars) has been used in combination with travel patterns (almost half of luxury purchases are made while traveling or in travel retail shops) to allocate sales geographically.
2017 witnessed a rebound of the global luxury goods industry after two relatively sluggish years. The outlook on a global scale remains positive, although regionally dimmed somewhat by uncertain economic prospects especially in the European markets as well as political instability in some emerging countries in Latin America, the Middle East and Africa. Greater China has returned to a sustained growth trajectory, which is nevertheless potentially vulnerable to possible shifts in the overall institutional framework.
Key trends shaping the industry are a continued emphasis on manufacturer-owned retail, a more pronounced shift of sales from the established core markets in Western Europe, North America and Japan to Greater China and other emerging markets and a bigger role of the still underdeveloped eCommerce channel.
in-scope
- Personal luxury goods (watches and jewelry, apparel and footwear, eyewear, cosmetics and fragrances)
- Luxury segments and brands of the companies covered (see methodology for list)
out-of-scope
- Wine and Spirits, Food
- Designer furniture
- Hospitality and travel
- Luxury cars (not shown here but available in our Mobility Markets)
- Artisanal and small-scale production unaffiliated with the covered companies (see methodology for list)
Luxury Goods
- Luxury Leather Goods
- Luxury Watches
- Luxury Jewelry
- Luxury Fashion
- Luxury Apparel
- Luxury Footwear
- Luxury Eyewear
- Prestige Cosmetics
- Prestige Skin Care
- Prestige Fragrances
Related markets:
Alcoholic Drinks
Non-Alcoholic Drinks
Hot Drinks
Food
Tobacco Products
Apparel
Footwear
Eyewear
Accessories
Consumer Electronics
Household Appliances
Furniture
OTC Pharmaceuticals
Smart Home
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Market
Region comparison
Currency
Analyst Opinion
When marketing luxury, exclusivity constitutes the conceptual key element. This exclusivity is maintained mainly by a high price point but also by consciously limiting sales volumes and outlets. 2018 was a good year for luxury goods companies, continuing the rebound of the global luxury goods industry which started in 2017 after two relatively sluggish years. Key trends shaping the industry are a continued emphasis on manufacturer-owned retail, a more pronounced shift of sales from the established core markets in Central & Western Europe, North America, and Japan to Greater China and other emerging markets, as well as the increasing role of a fast-growing eCommerce channel.
Methodology
The Luxury Goods market is built on resources from the Statista platform as well as on in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. We evaluate the status quo of the market, monitor trends, and create an independent forecast regarding market developments of the global Luxury Goods industry.
Overview
- Revenue
- Analyst Opinion
- Sales Channels
- Key Players
- Global Comparison
- Methodology
- Key Market Indicators
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