Luxury Redefined: Global Personal Luxury Goods Market Predicted for Steady Growth Through 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--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.

Competitive Landscape:

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

Key Attributes:

Report Attribute	Details
No. of Pages	161
Forecast Period	2023 - 2028
Estimated Market Value (USD) in 2023	$399.41 Billion
Forecasted Market Value (USD) by 2028	$540.07 Billion
Compound Annual Growth Rate	6.2%
Regions Covered	Global

Market Dynamics

Drivers

• Increasing Wealth and Number of High-Net-Worth Individuals (HNWIs)
• Rapid Urbanization
• Rising Demand among Millennials, Gen Z, and Gen X
• Rapidly Expanding Luxury Jewelry Industry

Challenges

• Presence of Counterfeit Products
• Changing Consumer Behavior and Preferences

Trends

• 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

The report segments the personal luxury goods market as follows:

• Category: The market comprises seven segments: leather, apparel, beauty, watches, jewelry, shoes, and others. The leather segment is the largest and fastest growing due to rising demand for personalized high-quality products.
• Sales Channel: The market is divided into online, monobrand, outlet, specialty store, department store, and travel retail. Travel retail is growing the fastest due to increasing middle-class spending and duty-free shopping benefits.
• Distribution Channel: The market has two segments: retail and wholesale. The retail segment dominates due to E-commerce expansion and growing luxury retail infrastructure.
• Region: The market is analyzed for Asia Pacific, North America, Europe, and the rest of the world. Asia Pacific leads and grows fastest due to factors like urbanization and increased tourism, with China dominating the region. In North America, the US leads, driven by consumers' preference for luxury goods to showcase wealth.

For more information about this report visit https://www.researchandmarkets.com/r/8rtjnl

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