Breakdown of global luxury new store openings 2023, by region

Compared to the year before, just over 40 percent of luxury store openings in the world was centered in China in 2023. North America and Europe accounted for a combined 35 percent of luxury openings that year. In the Middle East, new luxury stores only contributed three percent of all luxury store openings that took place worldwide.

The luxury goods industry is expected to grow

The luxury fashion market is expected to grow worldwide in 2024, with the fastest growth estimated to occur in China. At the same time, the value of the personal luxury goods market continues to increase after a small dip during the Covid-19 pandemic in 2020.

Luxury goods are popular with consumers

In February of 2023, approximately 60 percent of consumers worldwide planned to purchase luxury goods within the following 12 months. Consumers in the United States and China represented the lion’s share of the personal luxury goods market that same year. Considering the popularity of luxury goods worldwide, and the speed of projected growth in this industry in China, it only makes sense for the Asian giant to lead luxury new store openings in 2023.