Global Luxury Goods Market Size Study & Forecast, by Product (Apparel, Watches, Jewelry, Handbags, Perfumes & Cosmetics, Footwear, Others) and End Use (Men, Women) and Regional Forecasts 2025-2035

The Global Luxury Goods Market, valued at approximately USD 390.17 billion in 2024, is poised to advance at a CAGR of 6.8% throughout the forecast period of 2025-2035. Luxury goods-spanning haute couture, fine jewelry, prestige cosmetics, and crafted accessories-stand at the intersection of craftsmanship, aspiration, and cultural identity. As global consumer wealth continues to expand, particularly in emerging economies, luxury goods have transformed into symbols of status and expressions of personal identity. The market's upward trajectory is propelled by premiumization trends, rising disposable incomes, and the continued expansion of luxury omnichannel retail ecosystems. Moreover, luxury brands are increasingly revamping their value propositions through personalization, heritage storytelling, and meticulous craftsmanship to attract next-gen consumers who demand both exclusivity and experiential value.

As digital sophistication reshapes the purchasing landscape, the luxury industry is experiencing a dramatic shift in consumer behavior. High-net-worth shoppers have begun blending online convenience with in-store emotional engagement, compelling brands to reinvent digital storefronts and leverage immersive technologies. Meanwhile, demand continues to swell in Asia, Europe, and North America as consumers gravitate toward premium accessories and experiential luxury. According to industry indicators, millennials and Gen Z now account for a growing share of luxury purchases, a demographic shift that is expected to nearly double the market size by 2035. Despite this momentum, the industry faces headwinds such as fluctuating economic cycles and the rising influence of sustainable alternatives. Still, the sector's adaptability and its ability to innovate product design, sourcing, and retail experiences continue to unlock new avenues for expansion.

The detailed segments and sub-segments included in the report are:

By Product:

• Apparel
• Watches
• Jewelry
• Handbags
• Perfumes & Cosmetics
• Footwear
• Others

By End Use:

• Men
• Women

By Region:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico

Middle East & Africa

• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Apparel is Expected to Dominate the Market

Among product categories, luxury apparel continues to anchor the global market and is expected to retain the largest share through 2035. High demand for premium fashion collections, accelerated fashion cycles, and the rising cultural influence of luxury fashion houses have collectively fueled the dominance of luxury clothing. The segment benefits from strong brand loyalty, seasonal drops, and the dynamic integration of fashion with social media-driven lifestyle narratives. Additionally, luxury brands are increasingly capitalizing on collaborations, capsule collections, and designer partnerships to reinforce exclusivity and maintain buyer retention. While apparel secures its position as the dominant segment, adjacent categories such as handbags and footwear continue to show strong potential due to heightened aspirational purchasing behavior.

Watches and Jewelry Lead in Revenue Contribution

From a revenue standpoint, luxury watches and jewelry consistently account for the largest contribution to the market, supported by resilient consumer affinity for investment-grade pieces and heritage craftsmanship. These enduring categories thrive on timeless appeal, intrinsic value, and emotional resonance-factors that elevate their perceived worth and support sustained demand even during economic softening. Luxury watches, in particular, have evolved into alternative investment assets, with limited editions and rare timepieces appreciating significantly over time. Meanwhile, fine jewelry maintains strong relevance in both personal and ceremonial consumption. Although these categories dominate revenue, perfumes & cosmetics emerge as the fastest-growing, driven by accessible pricing and the "entry luxury" appeal that attracts first-time buyers.

North America claimed the leading share of the luxury goods market in 2025, anchored by robust consumption in the U.S., a mature retail infrastructure, and strong brand presence across major metropolitan markets. The region benefits from high purchasing power and a deeply engrained culture of luxury consumption. Europe-home to many iconic luxury houses-continues to flourish due to tourism-driven sales, heritage craftsmanship, and manufacturer dominance. However, Asia Pacific is set to be the fastest-growing region over the forecast horizon. The region's expanding middle class, rising affluence, and appetite for prestige brands are transforming China, India, and Southeast Asia into global luxury powerhouses. Intensified digital adoption, urbanization, and premium lifestyle shifts further augment the region's demand trajectory, presenting significant prospects for luxury brands seeking long-term growth.

Major market players included in this report are:

• LVMH Moet Hennessy Louis Vuitton
• Kering
• Hermes International
• Richemont
• Chanel
• Prada S.p.A.
• Burberry Group plc
• Capri Holdings
• Rolex SA
• L'Oreal Luxe
• Estee Lauder Companies
• Tapestry, Inc.
• Compagnie Financiere Richemont SA
• PVH Corp.
• Swatch Group

Global Luxury Goods Market Report Scope:

• Historical Data - 2023, 2024
• Base Year for Estimation - 2024
• Forecast period - 2025-2035
• Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of this study is to outline the market sizes across various segments and regions for recent years and to project future trends over the coming decade. The report integrates both qualitative insights and quantitative evaluations across the countries considered in the analysis. It further emphasizes key growth drivers, structural challenges, and the evolving dynamics that will shape the industry's trajectory. Additionally, the study identifies micro-market opportunities for investors and provides an in-depth review of the competitive landscape, including product offerings and strategic developments of leading players. The detailed segments and sub-segments of the market are explained below:

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of the geographical landscape with country-level insights across major regions.
• Competitive landscape outlining the market leaders and their strategic undertakings.
• Evaluation of key business strategies alongside recommendations for future market positioning.
• Examination of the market's competitive structure.
• In-depth demand-side and supply-side market analysis.