The global luxury goods industry, which includes fashion, cosmetics, fragrances, jewelry, luggage, handbags and etc., has been on an upward climb for many years. The value of the global personal luxury goods market was US$ 341 billion in 2022 and is estimated to be worth US$ 350 billion in 2022.
Luxury goods manufacturers meet consumer demand by focusing on brand, aesthetics, quality materials, superior craftsmanship and pricing to transform everyday objects into status symbols. The industry rises and falls with the gross domestic product (GDP), seeing demand climb in times of economic stability and plummeting in unfavorable economic climates.
Louis Vuitton was the most valuable luxury brand in the world, with a brand value of about 41 billion U.S. dollars. New markets and segments are giving the industry growth points. One challenge for luxury companies is to maintain brand equity and cultivate their customer relationships. As luxury expands into more industries, expect a more mature segmented market. As a result, consumers should also become more rational. The personal luxury goods industry is expected to continue to grow, especially in the Middle East, the market is expected to increase by 20 percent in 2023 to total about US$ 10 billion.
US$ 336 billion with market growth rate 2%