Luxury Industry

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Luxury Industry Trends Forecast Till 2030
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Luxury Industry Trends Forecast Till 2030
Luxury Industry, by Product (Apparel, Watches,
Jewellery, Handbags, Perfumes Cosmetics,
Footwear), By End-user (Men, Women) and region
(North America, Europe, Asia-Pacific, Middle East
and Africa and South America).
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ustry
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Market Overview
The global Luxury Industry size was estimated at
USD 367,230 million in 2023 and is projected to
reach USD 593,559.76 million in 2030 at a CAGR of
7.10 during the forecast period 2024-2030. The
luxury industry encompasses a wide range of
high-end products and services, including
fashion, automobiles, jewellery, watches, travel,
and hospitality. These goods are typically
characterized by their superior craftsmanship,
premium quality, exclusivity, and high price
points. Luxury brands often evoke a sense of
aspiration and status, targeting wealthy
consumers who seek both superior product quality
and a distinct identity through their
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Key Findings
The apparel segment accounted for approximately
26.5 of global luxury market revenue in 2023,
with factors like continuous product innovation,
evolving fashion trends, and targeted marketing
initiatives driving its dominance. For example,
Louis Vuittons launch of pop-up stores and
activations for its Spring-Summer 2024 Mens
Collection in key cities such as Paris, Seoul,
Miami, London, Los Angeles, and New York
highlighted the brands strategy to engage
consumers globally. The handbags segment is
forecast to grow at a CAGR of 8.2 from 2024 to
2030. Handbags, once purely functional items,
have become powerful status symbols and
reflections of personal style. This
transformation is particularly evident in
emerging markets, where rising disposable incomes
and aspirational buying tendencies are driving
demand. The perfumes and cosmetics segment is
expected to grow at a CAGR of 7.0 from 2024 to
2030. This growth is largely fuelled by changing
consumer preferences, with Gen Z and millennials
increasingly shaping the luxury beauty
market. The jewellery segment is projected to
grow at a CAGR of 7.98 from 2024 to 2030, driven
by rising disposable incomes and the growing
presence of female self-purchasers. The demand
for branded and customized luxury jewellery, as
well as the symbolic value attached to these
pieces, continues to grow. 
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Key Findings

• The market is also divided into various regions
  such as North America, Europe, Asia-Pacific,
  South America, and Middle East and Africa. Asia
  pacific region is projected to hold the largest
  market share. Factors such as Rising disposable
  incomes, growing number of high-net-worth
  individuals, increasing demand for exclusivity,
  expanding emerging markets, shift toward
  experience-based luxury, digital transformation
  and e-commerce growth, emphasis on sustainability
  and ethical practices, influence of social media
  and influencers have triggered the Luxury
  Industry in the region.
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Competitive Landscape

• LVMH Group
• Chanel LTD
• Burberry Group PLC
• Prada S.p.A
• Kering SA
• Coty Inc.
• Estée Lauder Companies Inc.
• Shiseido Company, Limited
• L'Oréal S.A. and More.

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Recent Developments
In January 2024, Miu Miu, a subsidiary of Prada,
introduced its fourth limited-edition collection
of upcycled bags, titled Miu Miu Upcycled Denim
and Patch bags.. In September 2023, Richemont SA
unveiled a new venture into the beauty industry
with the launch of Laboratoire de Haute
Parfumerie et Beauté, a high-end division
dedicated to luxury fragrances and beauty
products. This move marks Richemonts strategic
expansion beyond traditional luxury goods,
further diversifying its portfolio and tapping
into the growing demand for premium beauty
offerings. Also in September 2023, Ralph Lauren
expanded its footprint in Canada by opening its
first brick-and-mortar luxury store in the
country, accompanied by the launch of a dedicated
e-commerce platform. In June 2023, Kering
Beauté, the beauty division of luxury
conglomerate Kering, announced its acquisition of
Creed, a prestigious and heritage-rich fragrance
house. This acquisition is part of Kering's
broader strategy to strengthen its position in
the high-end beauty and fragrance sector,
complementing its existing luxury offerings. The
addition of Creed enhances Kering's portfolio and
bolsters its presence in the premium fragrance
market, aligning with the industry's growing
focus on high-quality, niche beauty brands
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Contact Information
About Us Delvens is a strategic advisory and
consulting company headquartered in New Delhi,
India. The company holds expertise in providing
syndicated research reports, customized research
reports and consulting services. Delvens
qualitative and quantitative data is highly
utilized by each level from niche to major
markets, serving more than 1K prominent companies
by assuring to provide the information on
country, regional and global business
environment. We have a database for more than 45
industries in more than 115 major countries
globally. Contact Us 44-20-3290-6466 1
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