In-depth: Luxury 2019

Statista Consumer Market Outlook

In-depth: Luxury 2019 The global luxury goods market is expected to increase from US$314.4 billion in 2018 to US$341.9 billion in 2022. This report shows that Asia is expected to witness the highest spending riding on the back of China’s resurgence, followed by Europe, North America, South America, Africa, and the Middle East.

Online sales of luxury goods are expected to cannibalize the brick-and-mortar share. Still, the importance of the physical store continues to increase and digital-born luxury companies are now opening physical stores.

What's included?
  • Market size, trends, drivers & technological impact
  • Luxury retail & online shopping
  • Consumer insights
  • Competitive landscape: Burberry, Coty, Estee Lauder, etc.
DescriptionContentTables

This report gives an overview of the worldwide luxury market, its trends, players and consumers. In terms of players, globally, Louis Vuitton Moët Hennessy (LVMH) has the largest share (12.1%), followed by Estée Lauder (6.7%), L'Oréal (5.3%), Kering (5.0%) and Richemont (4.9%).

Digital born luxury companies are now opening physical stores to increase traffic to their eCommerce stores, enhance brand legitimacy, provide the touch-and-feel lacking in an online store, and improve local community engagement. Online sales of luxury products are expected to increase heavily to US$58 billion in 2022, a share of 17%. Spending by Chinese millennials is one of the main drivers of the global luxury market. International tourism is another driver, as well as the recent rise of luxury menswear. Brands are now adopting digital technologies to not only mimic the in-store shopping experience on their eCommerce platforms but to also enhance the physical store experience. Artificial intelligence (AI) is currently the most sought-after technology. Immersive technologies such as virtual and augmented reality (VR/AR) are also experiencing increasing use while 3D printing is used mainly in luxury fashion.

The U.S., China, and Japan were the three biggest markets for luxury goods in 2018 with a market size of US$71.2bn, US$35.9bn and US$27.6bn respectively. The dominance of these markets can be gauged from the fact that they accounted for 43% of the global luxury goods sales in 2018. Bags, clothing, shoes and accessories are the most purchased luxury categories by respondents from both the U.S. and Germany. Michael Kors, Gucci and Chanel are the top three most preferred brands in the field of luxury items in both the U.S. and Germany. ‘Happiness’ and ‘joy’ are the top two prime reasons for selecting a particular brand, whereas ‘quality’ is the prime characteristics associated with luxury items.

France leads in the number of leading luxury goods companies globally. Specifically, most of the prominent French luxury goods companies are located in Paris. We have a closer look at some of those prominent French companies: LVMH, L'Oréal, Kering and Hermès along with other global leaders including Burberry, Swatch, Estée Lauder and Coty. Most of the luxury goods companies followed inorganic growth path by acquiring competitor companies to increase their business presence. A few of them opted for licensing and distribution arrangements to support their bottom line.

  • Language: English
  • Released: March 2019
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