Luxury goods market in the Asia-Pacific region - statistics & facts

The Asia-Pacific region is the largest consumer of personal luxury goods in the world and has become an important segment for global luxury brands. China and Japan alone account for more than half of the luxury goods market value of the region. Japan is one of the most prominent consumers of luxury goods in the world and has the highest average revenue per capita in the Asia-Pacific region. While Japanese customers spend more, there is a much higher number of Chinese customers, making China the largest luxury goods market in the Asia-Pacific region. The Asia-Pacific region is the largest consumer of many of the most valuable luxury brands in the world. Over one-third of LVMH Group’s, the parent corporation of many luxury brands including Louis Vuitton, revenue was generated in the Asia-Pacific region, of which more than half was from fashion and leather goods.

Who is buying what?

Prestige cosmetics and fragrances, and luxury jewelry and watches are the leading segments of the luxury goods market in the Asia-Pacific region. Prestige cosmetics and fragrances account for the biggest luxury market share in Japan and Southern Asia, while luxury jewelry and watches do lead in China. The prestige cosmetics and fragrances segment is predicted to grow the most in Asia in the foreseeable future, considering that cosmetics and fragrances are usually priced lower than other luxury items. Luxury fashion is the leading segment in Australia and New Zealand. It can be observed that the consumption of luxury fashion is often higher in developed economies. The absolute value of the luxury fashion market in Japan surpasses that of China. However, the market data cannot fully reflect consumer preferences as purchasing luxury goods is often time-consuming and is aspirational. According to our Global Consumer Survey, South Koreans prefer to buy premium or luxury bags and accessories, while Indian consumers prefer clothes, Chinese consumers prefer shoes, and Australians prefer both clothes and shoes.

Luxury shopping experience

In a burgeoning time of e-commerce, luxury shopping takes place mostly offline and is predicted to stay that way. Unlike other consumer products, one of the main appeals of luxury shopping is the luxury shopping experience. Besides the product itself, the prestige and exclusivity surrounding it serve an important role in luxury shopping. For instance, the leading information source among luxury consumers used to be brand stores in China. However, with the influx of new generation of consumers, online services are becoming as important. In China, the leading information source for luxury goods have become online websites. In addition, younger customers did purchase luxury goods online more in Asia.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by S. Ganbold, Feb 27, 2024

Key insights

Revenue of luxury goods market in Asia
136.2bn USD
Revenue of luxury goods market in Australia and Oceania
7.04bn USD
Growth of personal luxury goods market in Asia
15%
Get more insights

Editor’s Picks Current statistics on this topic

Revenue share of the LVMH Group worldwide in 2023, by geographic region

Luxury Goods

LVMH Group's revenue share worldwide from in 2023, by geographic region

Share of the personal luxury goods market worldwide in 2022, by region

Luxury Goods

Share of the luxury goods market worldwide 2022, by region

Distribution of luxury consumers in China as of April 2023, by age group

Luxury Goods

Share of luxury consumers China 2023, by age group

Related topics

Recommended

5

Recommended statistics

Overview

7

Overview

Segments

7

Segments

Brands

9

Brands

Shopping channel

4

Shopping channel

Consumer behavior

5

Consumer behavior

Sustainability

4

Sustainability

Further reportsGet the best reports to understand your industry

Luxury goods market in China
Luxury goods market in China
Retail shopping behavior in Thailand
Retail shopping behavior in Thailand
Shopping behavior in Japan
Shopping behavior in Japan
Shopping behavior in China
Shopping behavior in China
Retail in India
Retail in India

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)
Email
eu.support@statista.com

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)
Email
latam@statista.com

Mon - Fri, 9am - 6pm (EST)

Menu