Luxury Goods Market Size To Reach $579.26 Billion By 2030

May 2025 | Report Format: Electronic (PDF)

Luxury Goods Market Growth & Trends

The global luxury goods market size is anticipated to reach USD 579.26 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.8% from 2025 to 2030. This growth is driven by various factors, including the rise in high-net-worth individuals and experiential luxury.

The influence of millennial and Gen Z consumers has been pivotal in driving the demand for customizable luxury products and immersive shopping experiences. The increase in popularity of e-commerce, social media, and influencer advertising has been pivotal in driving the demand for luxury goods.

The luxury apparel segment is growing due to changing consumer preferences and dynamic fashion trends. In addition, the rising popularity of social media platforms has become a critical marketing tool for luxury apparel brands, allowing them to build brand awareness globally and engage with their customers. The luxury perfumes and cosmetics segment is projected to grow owing to increasing demand for luxury and exotic fragrances, rising celebrity endorsements, and social media influence.

Furthermore, luxury brands are incorporating various strategic initiatives such as innovative marketing, celebrity collaborations, and customization, leading to the apparel segment’s growth. For instance, in July 2023, Ralph Lauren partnered with Berlin-based esports organization G2 Esports, known for its involvement with major gaming titles like Fortnite and League of Legends. In this collaboration, Ralph Lauren became the official outfit provider for the G2 team. The partnership is extended to the creation of a special-edition capsule collection, showcasing a range of stylish apparel items such as baseball caps, tracksuits, hoodies, and t-shirts, all designed in Ralph Lauren’s signature navy blue, gold, and cherry red color scheme.

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Luxury Goods Market Report Highlights

In terms of product, the apparel segment held the largest revenue share of over 25% in 2024, attributed to the growing changing consumer preferences and dynamic fashion trends
The women’s segment dominated the global market in 2024. The rising number of high-net-worth females and the personalization & customization of luxury goods are driving the market growth for females.
Asia Pacific dominated the global luxury goods market in 2024, owing to increasing per capita income, middle-class population, and a rise in tourism in the region
Key players are pursuing mergers and acquisitions to gain a competitive advantage. For instance, in October 2024, Mytheresa announced its acquisition of YNAP from Richemont, aiming to establish a prominent global digital luxury conglomerate. This transaction will integrate Mytheresa with YNAP’s well-known platforms, such as Net-A-Porter and Mr Porter, thereby expanding the range of luxury products accessible to affluent customers.