This statistic shows the estimated value of various global luxury markets in 2021, by market type. It was estimated that in 2021 the global luxury cars market was worth about 551 billion euros. The total value of the global luxury goods market was approximately 1.14 trillion euros that year.
Luxury Goods Industry
The global luxury goods industry, which includes cars, jets, drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags, has been on an upward climb for many years. Although the technical term 'luxury good' is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price.
Luxury goods manufacturers meet consumer demand by focusing on brand, aesthetics, quality materials, superior craftsmanship and pricing to transform everyday objects into status symbols. The industry rises and falls with the gross domestic product (GDP), seeing demand climb in times of economic stability and plummeting in unfavorable economic climates. The United States has long been the largest regional market for luxury goods and is estimated to continue to be the leading personal luxury goods market in 2018, with a value of 71 billion euros.
New markets and segments are giving the industry growth points. One challenge for luxury companies is to maintain brand equity and cultivate their customer relationships. As luxury expands into more industries, expect a more mature segmented market. As a result, consumers should also become more rational.
Value of various global luxury markets in 2021, by market type
(in billion euros)
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Bain & Company. (December 20, 2021). Value of various global luxury markets in 2021, by market type (in billion euros) [Graph]. In Statista. Retrieved July 01, 2022, from https://www.statista.com/statistics/246115/value-of-various-global-luxury-markets-by-market-type/
Bain & Company. "Value of various global luxury markets in 2021, by market type (in billion euros)." Chart. December 20, 2021. Statista. Accessed July 01, 2022. https://www.statista.com/statistics/246115/value-of-various-global-luxury-markets-by-market-type/
Bain & Company. (2021). Value of various global luxury markets in 2021, by market type (in billion euros). Statista. Statista Inc.. Accessed: July 01, 2022. https://www.statista.com/statistics/246115/value-of-various-global-luxury-markets-by-market-type/
Bain & Company. "Value of Various Global Luxury Markets in 2021, by Market Type (in Billion Euros)." Statista, Statista Inc., 20 Dec 2021, https://www.statista.com/statistics/246115/value-of-various-global-luxury-markets-by-market-type/
Bain & Company, Value of various global luxury markets in 2021, by market type (in billion euros) Statista, https://www.statista.com/statistics/246115/value-of-various-global-luxury-markets-by-market-type/ (last visited July 01, 2022)