According to Arizton’s latest research report, the global personal luxury goods market is growing at a CAGR of 4.24% during 2021-2030.
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Report Scope:
Market Size (2030): USD 526 Billion
Market Size (2024): USD 410 Billion
CAGR (2024-2030): 4.24%
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030
Market Segmentation: Product Type, Price Range, Sales Channel, Offline, Online, End-Users, and Geography
Geographic Analysis: North America, Europe, APAC, Latin America, And Middle East & Africa
Market Overview
The personal luxury goods market is witnessing significant growth and transformation driven by advanced technology and the rising demand for sustainable materials across end-users. Leading brands are actively exploring innovative and eco-friendly alternatives to reduce carbon footprints and contribute to a greener future. For example, LVMH aims to significantly cut its carbon emissions by 2026 through extensive R&D in sustainable raw and recycled materials.
Moreover, the growing beauty and cosmetic industry in countries such as China, India, Indonesia, and Malaysia is boosting the personal luxury goods market. In 2024, the beauty & perfume segment in the APAC region is projected to grow at a CAGR of 8.87%. Consumers are increasingly seeking personalized and customized luxury products that reflect their identities, like Louis Vuitton’s hot-stamped or hand-painted handbags. With the rising adoption of personal luxury goods, key players are transforming their offerings through R&D. In 2024, Lavie Luxe introduced a new perfume line featuring LUSH, LILY, LAGOON, and LOVE, each with 18% fragrance concentration. Additionally, brands are expanding in emerging markets. Hermes, for instance, opened new flagship stores in key Chinese cities like Shanghai and Beijing, further supporting global market growth.
Sustainable Luxury on the Rise: Brands Respond to Growing Consumer Demand
Sustainability is becoming an increasingly important factor in the personal luxury goods market, The personal luxury goods market is undergoing a powerful shift, as sustainability becomes a central focus for both brands and consumers. With growing awareness around the environmental and ethical impacts of their purchases, today’s consumers are seeking luxury products that reflect their values, driving unprecedented demand for sustainable materials and responsible practices.
Leading the way are luxury brands that are reimagining their product lines through the lens of sustainability and circular design. Consumers are showing increased interest in luxury goods made from eco-conscious materials like organic cotton, recycled polyester, bamboo, and even regenerated fabrics. Gucci, for example, was a pioneer in adopting ECONYL®, a 100% recycled nylon crafted from fishing nets, textile scraps, and carpet fibers within its ready-to-wear collections. Beyond materials, ethical sourcing and positive social impact are becoming equally important to luxury consumers. In 2023, Prada’s Re-Nylon initiative set a benchmark in ethical fashion by converting ocean plastic waste into regenerated nylon, while also pledging 1% of its Re-Nylon revenue to the SEA BEYOND project—an ocean conservation and education initiative. As brands continue to align with circular economy principles and transparency, the personal luxury goods market is expected to experience sustained growth, reshaping the future of fashion through sustainability and innovation.
Recent developments
Transforming Luxury Retail: The Surge of Online Shopping Experiences
The luxury e-commerce space is experiencing remarkable growth, driven by the global expansion of digital connectivity. As per the U.S. Census Bureau, retail e-commerce sales in Q3 2024 reached an estimated $300.1 billion, up 2.6% from the previous quarter, showcasing steady momentum in online shopping.With the widespread use of smartphones and faster internet, consumers now enjoy easier access to luxury goods through digital platforms. To keep up with shifting consumer behaviors, luxury brands are prioritizing online presence and customer engagement.
A notable example is Gucci, which revamped its e-commerce site in 2024 for the first time in over a decade, signaling a renewed focus on digital innovation. Similarly, Dior emerged as the most sought-after luxury brand online in 2023, thanks to its strategic investments in e-commerce, social media, and digital marketing, particularly boosting visibility and sales in key markets like the U.S. and China. Adding to this digital transformation, luxury retailers are integrating cutting-edge technologies such as augmented reality (AR) and virtual reality (VR) to elevate the customer experience.
Timeless Luxury: Watches & Jewellery Power Expansion Across Global Markets
The watches and jewellery segment remains the leading force in the global personal luxury goods market, supported by a strong tradition of craftsmanship and growing consumer interest in luxury timepieces and fine jewellery. The Asia-Pacific (APAC) region is the fastest-growing market, driven by an expanding male customer base and the increasing presence of brand-owned boutiques. In 2024, APAC is expected to hold a significant 38.66% share of the watches and jewellery market revenue. Cultural factors also contribute to growth, especially in countries like India, where gold plays an important role in weddings, festivals, and religious customs. Industry players are investing to meet rising demand. For example, in 2023, Swarovski Created Diamonds launched its Galaxy collection in the US and Canada, inspired by cosmic themes and designed by Global Creative Director Giovanna Engelbert. These developments are driving growth in the watches and jewellery segment and strengthening its position within the personal luxury goods market.
Key Company Profiles
Other Prominent Company Profiles
Segmentation & Forecasts
Product Type
Price Range
Sales Channel
Offline
Online
End-users
Geography
APAC
North America
Europe
Latin America
Middle East & Africa
In a nutshell, the Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the personal luxury goods market. Request for Free Sample to get a glance of the report now: https://www.arizton.com/market-reports/personal-luxury-goods-market
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