after luxury cars. Encompassing luxury apparel, accessories, watches, jewelry and eyewear, the revenue of the personal luxury goods market has
, apart from the hiccup caused by the coronavirus (COVID-19) pandemic. China is projected to be the
with a revenue of about 110 billion U.S. dollars, followed by the United States. By 2028, China is expected to retain its position as the leading country where the personal luxury goods market generates the highest revenue worldwide.
Market leaders and product categories
Within the personal luxury goods industry, fashion and apparel products account for the
second largest revenue share. By 2029, the luxury fashion segment, which includes apparel and footwear, is
projected to yield over 170 billion U.S. dollars in revenue. That said, for the behemoths of the personal luxury goods industry, diverse luxury products beyond apparel drive sales. While for LVMH,
fashion and leather goods have the largest revenue share, for Richemont,
jewelry sales make up more than 40 percent of the company’s annual revenue, for instance. Similarly, sales from leather goods contributed to half of the
Kering Group’s most recently reported revenue. Some of the
brands under the Kering Group banner include Gucci, Bottega Veneta, Balenciaga, and Saint Laurent.
Luxury sales channels: online and secondhand on the rise
Traditionally, personalization, clienteling, and in-store retail experience have been some of the key elements that differentiate luxury from mainstream retail. While this still holds true as
physical channels constitute the largest share of the market value, alternative sales channels and business models for luxury are taking off. In 2024, the value of the
online personal luxury goods market was estimated to be worth 72.6 billion euros.
Prompted by the need to adopt more sustainable production and consumption measures in recent years, resale has also emerged as a profitable and viable option for luxury, although ownership and authenticity play a vital role for luxury consumers. In a survey in 2024, over a third of consumers across North America, EMEA and APAC regions said they thought
buying secondhand luxury goods were environmentally friendly and sustainable.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.
