Luxury Retailing Market Size, Trends and Analysis by Regional and Category Performance, Brands and Forecast to 2028
Powered by 
All the vital news, analysis, and commentary curated by our industry experts.
Luxury Retailing Market Report Overview
The global luxury retail market size was $462.7 billion in 2023. The market will grow at a CAGR of more than 6% during 2023-2028. Tourism numbers are set to bounce back to pre-pandemic levels, enabling higher luxury consumption at travel retailing stores as well as tourists boosting spend in key city centers.
Furthermore, the continued growth in tourism is driving the global luxury retail market growth.
Global Luxury Retail Market Outlook 2023 – 2028 ($ Billion)
Buy Full Report for More Insights into the Global Luxury Retail Market Forecast
The global luxury retail market research report provides detailed insights into the key trends leveraged by brands operating in the market. The report also covers an in-depth analysis of drivers and inhibitors impacting the luxury retail market size and forecasts. This luxury retail market outlook also provides regional shares and forecasts from 2018 to 2028. The report also comprises extensive brand profiles with their latest luxury retail industry developments to aid clients in effective decision-making.
| Market Size (2023) | $462.7 billion |
| CAGR (2023-2028) | > 6% |
| Historical Period | 2018-2023 |
| Forecast Period | 2023-2028 |
| Key Categories | · Clothing
· Jewelry & Watches · Personal Care · Accessories · Drinks |
| Key Regions | · Americas
· Asia Pacific · Europe · Middle East and Africa |
| Key Countries | · The US
· China · Japan · Italy · France |
| Leading Luxury Brands | · LVMH
· Richemont · Chanel · Kering · Swatch Group |
| Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Global Luxury Retail Market Drivers
- Luxury retailers will look to achieve the synergy between online and physical retail by launching applications that will enhance customers’ in-store experiences and allow consumers to explore their products online. For instance, Gucci’s collaboration with JD.com in August 2023 exemplifies this strategy. This partnership showcased Gucci’s craftsmanship, offered a diverse product range, and provided access to exclusive services like the online client advisor.
- Luxury brands are strategically reaching beyond their traditional markets, capitalizing on the rising affluence in emerging regions. By expanding where they sell, luxury players can diversify consumer bases, mitigate risks, and tap into the cultural nuances of markets. E-commerce plays a crucial role, in breaking down geographical barriers, and strategic partnerships with local influencers enhance brand relevance.
Buy the Full Report for More Insights on the Key Luxury Retail Market Drivers, Download a Free Sample Report
Global Luxury Retail Market Trends
The trends prevalent in the luxury retail market include the surging wave of luxury retailing in the APAC region, luxury online marketplaces, experiential stores, and the ascendance of second-hand luxury and omnichannel experiences.
- The ascendance of second-hand luxury: The second-hand luxury market is gaining prominence, fueled by both environmental awareness and evolving consumer perspectives on pre-owned items. Since more and more people choose to buy pre-owned goods as a more affordable and environmentally friendly option than brand-new ones, this trend could be dangerous for the sales of luxury companies. In October 2023, Burberry established a partnership with Vestiaire Collective, a global secondhand marketplace. It motives to give consumers an alternative method to trade in their gently used Burberry products.
Global Luxury Retail Market Segmentation by Categories
Clothing had the highest value in the Global luxury retail market in 2023.
The key categories in the global luxury retail market are clothing, jewelry & watches, personal care, drinks, accessories, home furniture and homewares, footwear, and luggage, among others. Clothing, jewelry & watches, and personal care will continue to dominate the luxury market during the forecast period. Furthermore, clothing and accessories are forecasted to be the fastest-growing categories between 2023 and 2028.
Global Luxury Retail Market Analysis by Categories, 2023 (%)
Buy the Full Report for More Category Insights into the Global Luxury Retail Market
Global Luxury Retail Market Segmentation by Regions
Asia Pacific had the highest share of the global luxury market in 2023
The key regions of the global luxury retail market are America, Asia Pacific, Europe, and Middle East, and Africa. Asia Pacific has maintained the highest share of the global luxury market in 2023 and is forecast to be the fastest-growing region out to 2028. The region benefits from the increasing population of young affluent consumers and rising tourism, which boosted luxury consumption alongside the reopening of the Chinese economy in early 2023.
Global Luxury Retail Market Analysis by Regions, 2023 (%)
Buy the Full Report for More Regional Insights into the Global Luxury Retail Market
Global Luxury Retail Market Segmentation by Countries
The US was the largest market for luxury retailing in the Global in 2023.
The key countries in the global luxury retail market are the US, China, Japan, Italy, France, and the United Kingdom among others. The US will make strong gains over the forecast period boosted by growth in sales of clothing.
Global Luxury Retail Market Analysis by Countries, 2023 (%)
Buy the Full Report for More Country Insights into the Global Luxury Retail Market
Global Luxury Retail Market - Competitive Landscape
LVMH had the highest market revenue in 2023.
The leading luxury brands in the global luxury retail market are:
- LVMH
- Richemont
- Chanel
- Kering
- Swatch Group
- Others
LVMH continued to dominate the global luxury market in 2023, maintaining the top spot in all regions in terms of sales and market share held. However, in comparison to the global luxury market, LVMH generated a lower percentage of sales through its European operations despite the group’s image as a strong European brand.
Global Luxury Retail Market Analysis by Brands, 2023 (%)
Buy the Full Report for More Luxury Brand Insights into the Global Luxury Retail Market
Global Luxury Retail Market – Latest Developments
- In November 2023, Balenciaga signed a partnership with Reliance Brands Limited (RBL) to introduce its couture to the Indian market by opening its first store at Jio World Plaza, Mumbai. The store features the newest products from the luxury brand, including jewelry, eyeglasses, bags, shoes, accessories, and ready-to-wear.
- In December 2023, Kering Eyewear partnered with Metro Optical Group to open its first luxury concept store in Kuala Lumpur, Malaysia. The store features a stylish backdrop for Kering Eyewear’s ‘Through Their Eyes’ art projects, among other visual brand merchandise.
Segments Covered in the Report
Global Luxury Retail Market Categories Outlook (Value, $ Billion, 2018-2028)
- Clothing
- Jewelry & Watches
- Personal Care
- Drinks
- Accessories
Global Luxury Retail Market Regional Outlook (Value, $ Billion, 2018-2028)
- America
- Asia Pacific
- Europe
- Middle East and Africa
Global Luxury Retail Market Countries Outlook (Value, $ Billion, 2018-2028)
- The US
- China
- Japan
- Italy
- France
- United Kingdom
Scope
– Economic recovery and rising tourism to drive growth in the global luxury market
– APAC to register the fastest growth during the forecast period
– The global luxury market is forecast to produce strong growth during 2017-2022 compared to 2012-2017
– Due to a saturated market, Europe will lose its market share to a rapidly growing APAC region
– Clothing is the most preferred sector in the global luxury market.
Key Highlights
- The eventual subsiding of the global inflation levels will reduce cost pressures on aspirational shoppers, providing an impetus to the growth trajectory of the global luxury market.
- The reopening of the Chinese economy added to this growth, as pent-up luxury demand from traveling Chinese shoppers boosted luxury sales.
- LVMH’s broad range of products and prices has offered it some protection as consumers’ budgets have become tighter with its beauty retailer, Sephora, part of its selective retailing division standing out with its affordable luxury health & beauty items.
Reasons to Buy
- Gain a comprehensive knowledge of the global luxury retail market and develop a competitive advantage
- Investigate current trends in the global luxury retail market to identify the best opportunities to exploit
- Analysis of key luxury retail players operating in the global.
- 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 Global region
Richemont
Chanel
Kering
Swatch
Hermès
Coach (Tapestry)
Capri Holdings
Giorgio Armani
Prada.
Table of Contents
Frequently asked questions
-
What was the global luxury retail market size in 2023?
The luxury retail market size in the Global was $462.7 billion in 2023.
-
What is the global luxury retail market growth rate?
The luxury retail market in Global will grow at a CAGR of more than 6% during 2023-2028.
-
Which was the leading category in the global luxury retail market in 2023?
Clothing had the highest value in the Global luxury retail market in 2023.
-
Which was the leading country in the global luxury retail market in 2023?
The US had the highest value in the American luxury retail market in 2023.
-
Which are the leading luxury brands in the global luxury retail market?
The leading brands in the global luxury retail market are LVMH, Chanel, Kering, Richemont, Swatch Group, and Hermès among others.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Sample Report
Luxury Retailing Market Size, Trends and Analysis by Regional and Category Performance, Brands and Forecast to 2028 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:
- Assess the relevance of the report
- Evaluate the quality of the report
- Justify the cost
Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.
