Post-pandemic luxury market
Despite the pandemic, the Statista Consumer Market Outlook estimates that the revenue of luxury goods worldwide will rise to 309 billion dollars in 2021 and reach a value of over 382 billion dollars by 2025. The United States has the largest regional market revenue for luxury goods, consuming the greatest amount of personal luxury goods in 2020. Asia is expected to witness expenditure growth in the luxury goods market in the coming years. China alone generated a revenue of 39 billion U.S. dollars followed by Japan and South Korea. Broken down by segment, perfume and cosmetics, and fashion are the dominant categories of personal luxury goods. The revenue from luxury or prestige cosmetics market stood at 22.23 billion U.S. dollars worldwide in 2020 and will rise to 33.83 billion dollars by 2025.Our in-depth luxury report provides further information and insights on luxury goods segmentation and market trends.
Market leaders
Most of the products sold within the luxury market are done so through monobrand stores, such as the Tiffany & Co.'s flagship store, made famous in part by the classic Hollywood film Breakfast at Tiffany's. Monobrand stores brought in over 67 billion U.S. dollars in revenue, the most of any channel. LVMH was the luxury company with the highest sales; the conglomerate owns firms such as beverage producer Moët Hennessy and fashion house Louis Vuitton. Louis Vuitton is the most valuable luxury brand in the world, valued at over 75.7 billion U.S. dollars in 2021. The brand is an essential component of the personal luxury goods industry. The Kering Group, which had revenues of approximately 13 billion U.S. dollars in 2020, most of which came from its well-known brand Gucci, is another key player in this sector.A staple market within the personal luxury goods industry, and a crucial part of any stylish outfit, are accessories. Necklaces and rings are the most popular choices in accessories. The luxury watch sector is predominantly centered around mechanical watches, highly valued for their craftsmanship and prestige.
