Luxury Goods - Asia

  • Asia
  • In 2024, the revenue in the Luxury Goods market in Asia is estimated to be US$142.70bn.
  • It is projected that the market will experience an annual growth rate of 3.90% (CAGR 2024-2028).
  • The largest segment within the market is Luxury Watches & Jewelry, which is expected to have a market volume of US$47.63bn in 2024.
  • When compared globally, in the United States generates the highest revenue, reaching US$77,280m in 2024.
  • In terms of per capita figures, each person in Asia is expected to generate revenues of US$31.40 in 2024.
  • Looking specifically at the Luxury Goods market, it is anticipated that 15.5% of the total revenue will be generated through online sales by 2024.
  • This indicates the growing importance of e-commerce in the market segment.
  • In China, the luxury goods market is booming, driven by the rising middle class and their desire for status symbols.

Key regions: United States, Russia, India, Singapore, United Kingdom

 
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Analyst Opinion

When marketing luxury, exclusivity constitutes the conceptual key element. This exclusivity is maintained mainly by a high price point but also by consciously limiting sales volumes and outlets. 2018 was a good year for luxury goods companies, continuing the rebound of the global luxury goods industry which started in 2017 after two relatively sluggish years. Key trends shaping the industry are a continued emphasis on manufacturer-owned retail, a more pronounced shift of sales from the established core markets in Central & Western Europe, North America, and Japan to Greater China and other emerging markets, as well as the increasing role of a fast-growing eCommerce channel.

Methodology

The Luxury Goods market is built on resources from the Statista platform as well as on in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. We evaluate the status quo of the market, monitor trends, and create an independent forecast regarding market developments of the global Luxury Goods industry.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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