Asia-Pacific (APAC) Luxury Retail Market Size, Trends, Regional and Category Performance, Brands and Forecast to 2027
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APAC Luxury Retail Market Overview
The APAC luxury retail market was valued at $145.7 billion in 2022. The market is forecast to witness significant growth at a compound annual growth rate (CAGR) of more than 7% between 2022 and 2027, driven by rising income levels, especially in major markets such as China, Japan, and South Korea.
APAC Luxury Retail Market Outlook 2022-2027 ($ Billion)
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The APAC luxury retail market research report provides a comprehensive understanding of the revenue growth through its market size forecasting up to 2027 and a historical overview of the region’s luxury retail market. It further gives a deep-dive analysis of the industry, including the regional demand outlook. The report also covers market trends, consumer insights, and key players.
Market Size (2022) | $145.7 billion |
CAGR (2022-2027) | >7% |
Key Categories | · Clothing
· Jewelry & Watches · Accessories · Personal Care · Drinks · Luggage |
Key Countries | · China
· Japan · South Korea · Hong Kong · Australia · India · Thailand · Singapore |
Leading Players | · LVMH
· Richemont · Kering · Chanel · Swatch |
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APAC Luxury Retail Market Drivers
Asia has a large youth population between the ages of 15 to 24, accounting for over 60% of the youth in the world. These youngsters are often aspirational and seek to indulge in the luxury goods sported by their favorite celebs and influencers, thus driving demand for the luxury market. Additionally, the region is witnessing a surge in the number of high-net-worth individuals, especially in China and India. For this reason, global luxury brands are expanding their presence to capitalize on the region’s potential for growth. For instance, China’s repealing of COVID-19 restrictions saw existing brands such as Chanel announce expansion while new luxury houses such as By Far opened flagship stores. Similarly, Valentino and Balenciaga announced plans to enter India in partnership with Reliance Brands.
Additionally, luxury brands have pivoted to digital channels to spur brand visibility through compelling online narratives. They are integrating their online and offline channels to provide immersive shopping experiences by developing mobile apps and optimizing websites for seamless transactions. This drive towards an omnichannel presence has been led by the surge in online shopping.
APAC Luxury Retail Market Segmentation by Countries
The key countries in the APAC luxury retail market are China, Japan, South Korea, Hong Kong, Australia, India, Thailand, and Singapore. China remains the largest market in the APAC luxury retail market in 2022. China’s reopening after the rollback of COVID-19 related restrictions has revived sales in 2022, led by its affluent youth population who increasingly enjoy indulging in luxury goods.
Meanwhile, India will be the fastest-growing market for luxury retailing in the region. Luxury brands such as Cartier, Louis Vuitton, and Gucci are taking notice of the opportunities offered by the country’s rising wealthy population and have signed on leading Indian actors to be brand ambassadors.
APAC Luxury Retail Market Analysis, by Countries 2022 (%)
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APAC Luxury Retail Market Segmentation by Category
The APAC luxury retail market is categorized into clothing, jewelry & watches, accessories, personal care, drinks, and luggage among others. The clothing was the largest category in the APAC luxury retail market in 2022, followed by jewelry & watches, and accessories.
APAC Luxury Retail Market Analysis, by Category 2022 (%)
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APAC Luxury Retail Market - Competitive Landscape
The leading players in the APAC luxury retail market are LVMH, Richemont, Kering, Chanel, and Swatch among others. LVMH’s revenue improved during 2021-2022, solidifying its position as the largest brand in Asia-Pacific’s luxury retail market. Asia remains LVMH’s major market, while fashion & leather goods are the most sold category for the luxury house.
APAC Luxury Retail Market Analysis, by Brands 2022(%)
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APAC Luxury Retail Market Segmentation
APAC Luxury Retail Market Outlook by Category (Value, $ Billion, 2022-2027)
- Clothing
- Jewelry & Watches
- Accessories
- Personal Care
- Drinks
- Luggage
APAC Luxury Retail Market Outlook by Countries (Value, $ Billion, 2022-2027)
- China
- Japan
- South Korea
- Hong Kong
- Australia
- India
- Thailand
- Singapore
Key Highlights
- Gain a comprehensive knowledge of the APAC Luxury retail market and develop a competitive advantage
- Investigate current trends in the APAC luxury retail market to identify the best opportunities to exploit
- Analysis of key luxury retail players operating in APAC
- Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the key consumer and technology trends influencing the luxury fashion market in the APAC region
Reasons to Buy
The report will help:
- Gain a comprehensive understanding of the APAC Luxury retail market and insight into the competitive landscape of the market.
- Identify market trends in the APAC luxury retail market.
- Analyze the leading luxury retail players operating in the APAC.
- Explore opportunities to align product offerings and strategies accordingly.
Richemont
Kering
Chanel
Swatch
Hermes
Giorgio Armani,Coach
Prada
Burberry
Table of Contents
Frequently asked questions
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What was the APAC luxury retail market size in 2022?
The APAC luxury retail market size in 2022 was $145.7 billion.
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What will be the APAC luxury retail market growth during 2022-2027?
The APAC luxury retail market will witness a CAGR of more than 7% during 2022-2027.
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Which category dominated the APAC luxury retail market share in 2022?
Clothing was the largest category in the APAC luxury retail market in 2022.
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Which country led the APAC luxury retail market in 2022?
China led the APAC luxury retail market in 2022.
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Who are the leading players in the APAC luxury retail market?
The leading players in the APAC luxury retail market are LVMH, Richemont, Kering, Chanel, and Swatch among others.
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