DUBLIN, July 19, 2023 /PRNewswire/ — The “Global Personal Luxury Goods Market: Analysis By Category, By Distribution Channel, By Sales Channel, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global personal luxury goods market was valued at US$376.02 billion in 2022. The market value is forecasted to grow to US$540.07 billion by 2028.
Personal luxury goods are high-end products that are used for personal grooming, fashion, and other forms of personal care. These products can vary depending on buyer’s income group, their perception about the luxury product and the amount of comfort & pleasure the consumer gets from utilizing the product.
Personal luxury goods market is associated with production, marketing, and sales of high-end, prestigious, and often exclusive products that are considered luxurious and are primarily aimed at satisfying individual desires for quality, craftsmanship, and status.
Rapid population growth, emerging markets (Southeast Asia, Korea, India, Middle East), rise in luxury brand awareness through promotions and social media campaigns, expanding travel retail, growth in online luxury shopping, increase in purchase of luxury products with investment purposes and resale opportunities, etc., have been positively contributing towards increased demand for personal luxury goods.
Other significant factors are increasing adoption of YOLO (“You Only Live Once”) culture, growing demand for premium beauty products, rise in adoption of virtual try-on technologies, rising adoption of omni-channel retailing, rising demand of second hand personal luxury goods, 3.0 experiences (such as virtual stores, digital shopping assistants, and ultra-luxury travel and hospitality), and increasing number of new product launches and innovations in the market by personal luxury brands to remain competitive in the market and strengthen their current portfolios. The market is anticipated to grow at a CAGR of approx. 6% during the forecasted period of 2023-2028.
- Growth Drivers: The global personal luxury goods market has been rapidly growing over the past few years, due to factors such as increasing wealth and number of high-net-worth individuals (HNWIs), rapid urbanization, rising demand for personal luxury goods among millennials, Gen Z, & Gen X, and rapidly expanding luxury jewelry industry etc. Rapid urbanization coupled with rising disposable income, growing working class women population, increasing awareness about ongoing fashion trends among millennials, and rapidly expanding middle class population has been positively contributing towards increased demand for personal luxury items by consumers. Also, urbanization is associated with increased presence of high-end luxury retail infrastructure and highly developed contemporary retail spaces like shopping malls, luxury boutiques, and upscale shopping districts, that provide luxury brands with a platform to showcase their products, create immersive shopping experiences for customers, enhance brand visibility and attract affluent customers, boosting the growth of global personal luxury goods market.
- Challenges: However, the market growth would be negatively impacted by various challenges such as presence of counterfeit products, changing consumer behavior and preferences, etc. The presence of counterfeit products acts as a major challenge impeding the growth of global personal luxury goods market as growing market prospects of personalized high-end products and increasing demand for such products at affordable prices have increased the sale of counterfeit products, with customers finding it difficult to differentiate genuine products from fake items. Also, increased presence of counterfeit products are associated with reduced market share and revenue loss of genuine sellers, fall in consumer confidence, and damage of brand value and differentiation provided by majority of luxury companies, making it challenging for companies to maintain their premium positioning in the market.
- Trends: The market is projected to grow at a fast pace during the forecasted period, due to various latest trends such as integration of artificial intelligence (AI) and machine learning (ML), ongoing technological advancements, rising adoption of omni-channel retailing, increasing brand awareness, rising demand of second hand personal luxury goods, emergence of metaverse, etc. Rising internet penetration, increasing use of digital and social media platforms for promotion & advertisement of personalized luxury products, and rise in number of celebrity endorsements and luxury brand collaborations have been positively contributing towards increasing consumer awareness about high quality personalized luxury products and influencing people’s attitudes towards their use. Also, luxury brands are increasingly investing in digital marketing campaigns through various channels such as social media platforms, search engine advertising, email marketing, gaming platforms, influencer partnerships, etc, boosting the growth of global personal luxury goods market.
Global personal luxury goods market is fragmented, comprising a few global operators and numerous specialized players. Main players of the market are mainly split between: family-run brands belonging to the top-end personal luxury class and not promoting their brand awareness to the masses, because they are already recognized by their one-of-a-kind creations; and diversified holdings that includes international luxury players that after many acquisitions are now holding companies of highly reputable hard and soft personal luxury brands.
The key players of the market are:
- LVMH Group (LVMH Moet Hennessy Louis Vuitton)
- Compagnie Financiere Richemont SA (Richemont)
- Ralph Lauren Corporation
- Kering SA
- L’Oreal S.A. (L’Oreal Luxe Division)
- The Estee Lauder Companies Inc.
- PRADA S.P.A
- Coty Inc.
- Hermes International
- Capri Holdings Limited
- PVH Corp.
- Tapestry, Inc.
- Giorgio Armani S.p.A.
- Rolex SA
No. of Pages
2023 – 2028
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
3. Global Market Analysis
3.1 Global Personal Luxury Goods Market: An Analysis
3.1.1 Global Personal Luxury Goods Market: An Overview
3.1.2 Global Personal Luxury Goods Market by Value
3.1.3 Global Personal Luxury Goods Market by Category (Leather, Apparel, Beauty, Watches, Jewelry, Shoes, and Others)
3.1.4 Global Personal Luxury Goods Market by Sales Channel (Online, Monobrand, Outlet, Specialty Store, Department Store, and Travel Retail)
3.1.5 Global Personal Luxury Goods Market by Distribution Channel (Retail and Wholesale)
3.1.6 Global Personal Luxury Goods Market Value by Region (North America, Europe, Asia Pacific, and Rest of the World)
3.2 Global Personal Luxury Goods Market: Category Analysis
3.2.1 Global Personal Luxury Goods Market by Category: An Overview
3.2.2 Global Personal Luxury Leather Market by Value
3.2.3 Global Personal Luxury Apparel Market by Value
3.2.4 Global Personal Luxury Beauty Market by Value
3.2.5 Global Personal Luxury Watches Market by Value
3.2.6 Global Personal Luxury Shoes Market by Value
3.2.7 Global Personal Luxury Jewelry Market by Value
3.2.8 Global Others Personal Luxury Goods Market by Value
3.3 Global Personal Luxury Goods Market: Sales Channel Analysis
3.3.1 Global Personal Luxury Goods Market by Sales Channel: An Overview
3.3.2 Global Monobrand Personal Luxury Goods Market by Value
3.3.3 Global Online Personal Luxury Goods Market by Value
3.3.4 Global Outlet Personal Luxury Goods Market by Value
3.3.5 Global Specialty Store Personal Luxury Goods Market by Value
3.3.6 Global Department Store Personal Luxury Goods Market by Value
3.3.7 Global Travel Retail Personal Luxury Goods Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Personal Luxury Goods Market
5.2 Post COVID-19 Impact on Personal Luxury Goods Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Wealth and Number of High-Net-Worth Individuals (HNWIs)
6.1.2 Rapid Urbanization
6.1.3 Rising Demand among Millennials, Gen Z, and Gen X
6.1.4 Rapidly Expanding Luxury Jewelry Industry
6.2.1 Presence of Counterfeit Products
6.2.2 Changing Consumer Behavior and Preferences
6.3 Market Trends
6.3.1 Integration of Artificial Intelligence (AI) and Machine Learning (ML)
6.3.2 Ongoing Technological Advancements
6.3.3 Rising Adoption of Omni-channel Retailing
6.3.4 Increasing Brand Awareness
6.3.5 Rising Demand of Second Hand Personal Luxury Goods
6.3.6 Emergence of Metaverse
7. Competitive Landscape
7.1 Global Personal luxury Goods Market: Competitive Landscape
7.2 Global Personal Luxury Goods Market Players: Financial Comparison
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ad5xjs
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