How big is the luxury market in Europe?

The revenue generated in the Luxury Goods market in Europe amounts to US$115.60bn in 2024. It is projected to experience an annual growth rate of 3.57% (CAGR 2024-2028). The largest segment in this market is Luxury Fashion, with a market volume of US$45.34bn in 2024.

What is the size of the luxury industry market?

What is the global market size of Luxury Goods Market? Luxury Goods Market size was valued at USD 230.05 billion in 2021 and is poised to grow from USD 242.8 billion in 2022 to USD 369.8 billion by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).

Which country is the largest luxury market?

How South Korea Became the World's Biggest Luxury Goods Market | Eye on Asia. South Koreans continue to stand out as the largest spenders of luxury goods in the world, ranking first globally in per capita spending in 2022, spending an average of 325 USD on luxury items, compared to the US at 280 USD and China at 55 USD ...

How much is the global luxury market worth?

In 2024, the Luxury Goods market is projected to generate a revenue of US$369.00bn. This market is anticipated to grow at an annual rate of 3.22% (CAGR 2024-2028). The largest segment within this market is Luxury Fashion, which is expected to reach a market volume of US$115.90bn in 2024.

How big is the luxury fashion market in the UK?

The largest segment within the Luxury Goods market is Luxury Fashion, with a market volume of US$7.39bn in 2024. When compared globally, in the United States leads in revenue generation with US$77,280m in 2024. In terms of per capita figures, each person in the United Kingdom generates US$253.10 in revenue in 2024.

How are luxury brands beating the cost of living crisis? | Business Beyond

What is the global luxury market in 2023?

The global luxury market is projected to reach a record €1.5 trillion in 2023, an 8-10% increase from 2022. Despite robust growth, brands must focus on resilience, relevance, and renewal to overcome emerging challenges.

Is the luxury market booming?

The personal luxury goods market is set to reach €362 billion ($387 billion) by end of year, growing 4 percent at current exchange rates from 2022, consultancy Bain & Company said in a joint report with Italian trade group Altagamma.

Who are the luxury biggest buyers?

Luxury buyers may not be who you think they are

Younger consumers and luxury go hand in hand, with the majority of luxury consumers being Gen Z or millennials. Gen Z are the ones to watch though, as they're purchasing luxury goods three to five years earlier than millennials did at their age.

Which EU country is best to buy luxury goods?

Across Europe, UK, Italy, France, and Germany are among the leading personal luxury markets worldwide.

Which country buys most designer?

Total spending on personal luxury goods by South Koreans year-on-year grew around 24% to $16.8 billion, amounting to $325 per capita.

How big is the luxury market in 2023?

MILAN—November 14, 2023— The global luxury market is projected to reach €1.5 trillion in 2023, an 8-10% growth over 2022, setting a new record for the industry and proving its unparalleled resilience.

What are the 4 dimensions of luxury?

Study overview: Measuring the perceived value of luxury brands. Figure 1 presents the conceptual model, which encompasses several influencing variables and value drivers related to the four key dimensions of luxury value perception: social, individual, functional, and financial dimensions.

How competitive is the luxury market?

Competition in luxury markets is fierce, primarily because the customer base is comparatively limited and, due to the high prices, repeat purchase is not a regular phenomenon. Small businesses often get it wrong, and for several reasons.

What is the luxury capital of Europe?

THE CITY OF LIGHT, A WORLD-RENOWNED CITY

Paris was already influencing its neighboring countries during the time of Louis XIV, when everything was all about voluptuousness and luxury, just as it was at the beginning of the 20th century, when Paris had no less than 300,000 couturiers, dressmakers and fashion designers!

What is the most expensive brand in Europe?

In 2023, Deutsche Telekom - a German telecommunications company - was the highest-valued European brand with a brand value of 60.7 billion euros. The runners-up were Mercedes Benz and Allianz, with brand values of 56.7 billion and 46.6 billion euros, respectively.

Where is the best luxury shopping in Europe?

Milan's luxurious high fashion hub

Milan is renowned for its role as a global fashion hub, as well as for the decadent, high-end shopping experience it offers. Perhaps nowhere is that truer than on Via Montenapoleone, which is often declared to be the most expensive street in all of Europe.

What are the 4 types of luxury consumers?

Summary: There are four primary categories of luxury shoppers: window shoppers, personal stylists, occasional splurgers, and big spenders. Luxury brands often fail their customers during the “consider” phase of their journey.

Why are Gen Z buying luxury?

While the overall affluent cohorts of the world value their families and physical wellness more than any other area, and, along with exclusivity, look for loyalty benefits which help them here, for the Gen Z consumer overall loyalty is more value- and purpose-based and tends to relate more to brands that support the ...

Who is the king of luxury goods?

Bernard Jean Étienne Arnault (French: [bɛʁnaʁ ʒɑ̃ etjɛn aʁno]; born 5 March 1949) is a French businessman, investor and art collector. He is the founder, chairman and CEO of LVMH, the world's largest luxury goods company.

Why do the poor buy luxury items?

Some of the reasons why people buy luxury goods when they can't afford them include a sense of irrationality, the supposed quality, the impact they have on self-esteem, and a sense of accomplishment.

What is the fastest growing luxury brand?

Lamborghini: Lamborghini has been named the fastest-growing luxury and premium brand in 2023, with a 123% increase in brand value to $4.1 billion.

What is the luxury industry trend in 2024?

Consumer values are evolving towards mindful consumption, even in the cohort of aspirational shoppers and those buying entry level products. Luxury consumers in 2024 are expected to prioritise quality over quantity, seeking enduring products with meaningful stories.

What is the luxury industry outlook for 2023?

Against a backdrop where the global luxury market will grow between 8% and 10% across all categories, the personal luxury segment's growth is more muted, projected to advance by only 4% in 2023 at current exchange rates, according to the latest Bain-Altagamma luxury market study.

What is the future of luxury 2025?

As we move forward, it is anticipated that this market will experience significant evolutions, marked by sustainability, technology, and personalisation. Between 2025-2030, the luxury market, with a projection of steady growth across all sectors, will be a testament to social and value transformations.

What is the luxury sector outlook for 2023?

The post-pandemic rebound seems to be over, but numbers remain high with €1.5 trillion for the industry's market projected in 2023. The luxury goods sector is expected to see its global market revenues grow by 8 to 10%, according to a report published on Tuesday by US management consulting firm Bain & Company.