Value of the global personal luxury goods market 1996-2023
This statistic shows the value of the personal luxury goods market worldwide from 1996 to 2023. In 2023, the value of the personal luxury goods market worldwide was estimated to be 363 billion euros.
Luxury goods industry
The global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags, has been on an upward climb for many years. Although the technical term 'luxury good' is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price.
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.
Most valuable luxury brands
Louis Vuitton was the most valuable luxury brand in the world, with a brand value of about 130 billion U.S. dollars in 2023. The LVMH Group's total revenue for the 2023 fiscal year was about 86 billion euros.
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.
