Global Personal Luxury Goods Industry - Statistics & Facts

The global luxury goods industry, which includes cars, jets, drinks, fashion, cosmetics, fragrances, jewelry, and handbags, has increased in value 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. Within the industry for luxury goods, the luxury car sector is the most valuable, bringing in 550 billion Euros in 2019 due to widely recognized brands such as Mercedes Benz, Lexus, and Bentley. Personal luxury goods, the second most lucrative category, increased consistently over the past couple of decades. The United States has been the largest regional market for luxury goods, purchasing the most substantial amount of personal luxury goods in 2019.

Most of the products sold within the luxury market are sold through the channel of 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 87 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 47 billion U.S. dollars in 2019. The brand is an essential component of the personal luxury goods industry. The Kering Group, which had revenues of approximately 15.9 billion U.S. dollars in 2019, most of which came from its well-known brand Gucci, is another key player in this sector.

Perfume and cosmetics, apparel, and leather items are the dominant categories of personal luxury goods, with each category accounting for over 20 percent of the market value share. The revenue from luxury apparel products reached 64 billion U.S. dollars in 2019. 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, worth over 7.5 billion U.S. dollars in 2019, is predominantly centered around mechanical watches, highly valued for their craftsmanship and prestige.

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Luxury personal goods industry worldwide

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