Personal Luxury Goods Market

Personal Luxury Goods Market is expected to witness a CAGR of approximately 6.8% during the forecast period, 2023-2030.

Personal luxury goods comprise of luxury goods that are mostly used by people for self-grooming purposes such as apparel, accessories, and other beauty products. Luxury can be distinct as per different individuals based on their perceptions about the products that provide them a stage of great elegance or comfort

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Key Personal Luxury Goods Market Drivers

The primary factors that are propelling the growth of the Global Personal Luxury Goods market include rising disposable income and improving living standards of people, which is encouraging them to opt for luxury goods. The significant shift in the consumer’s preference towards quality brands is promoting the manufacturers to mainly focus on innovation to capture the changing demand of the target customers. In addition to this, various organizations are emphasizing on implementing numerous marketing strategies on different platforms to gain a competitive advantage over the other players in the market.

The rising consciousness among the consumers regarding fashion followed by rapid urbanization and adoption of modern lifestyle will have a positive impact on the demand for luxury personal goods over the coming years. In addition to this, the rising population growth rate coupled with the rising trend for luxury goods will further drive the growth of the market at the global level. Various luxury brands are expanding their product portfolios to provide higher flexibility to the customers to choose products as per their requirements. However, the fluctuations in the prices of raw materials and the rising labor cost will hamper the growth of the market during the forecast period.

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Based on the product type, the accessories segment is anticipated to lead the market during the forecast period. The accessories products are purchased by the consumers as it enhances their overall personality and are readily available in a wide range of brands. Moreover, the rising consumer wealth and the growing trend of fashion will encourage consumers to opt for luxury accessories over the coming years. The cosmetic & fragrances industry is expected to grow at a higher CAGR during the forecast period owing to the increasing spending on cosmetics and fragrances driven by the rapid rise in the population of working women and the growing demand for high-quality cosmetic products across the globe.

On the basis of distribution channel, the online stores are anticipated to lead the market during the forecast period owing to the shift in the consumer’s preference towards e-shopping, especially among the young population as a result of the remarkable benefits offered by e-stores such as 24*7 availability and easy price and quality comparison of different brands. The Specialized stores are expected to grow at a higher CAGR during the forecast period due to the large presence of a variety of quality products under one roof. Moreover, increasing brand loyalty and standardized prices will drive the demand for luxury goods in this channel.

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Regional – Segment Analysis

Based on geography, the Asia-Pacific region is anticipated to lead the market during the forecast period. The increasing disposable income leading to growing spending on luxury goods and the rapid rise in the working women population across the Asian countries will drastically drive the demand for personal luxury goods. The significant shift in the consumer’s preference for personal luxury goods followed by the rising middle-class population will further boost the demand of the market.

Top Market Players

Various notable players operating in the global personal luxury goods market include The Estee Lauder Companies Inc., Loreal S.A., Christian Dior, Ralph Lauren, Luxottica, LVMH, Richemont, Kering, Tiffany & Co., Breitling, Burberry, Chanel, Coach, Prada, and Swatch Group, among others.

Key Market Developments:

• • In 2019, Burberry partnered with RealReal Inc. for offering special discounts which attract resellers to go back into their selected stores in the United States.
  • In 2018, Loreal announced the acquisition of Logocos Naturkosmetik AG, a natural beauty company based in Germany, to expand its natural cosmetics product portfolio.
  • In 2018, Chanel launched the makeup line for men, which consists of three products including: matte moisturising lip balm, tinted fluid in four colors, and four different shades of eyebrow pencil.

Segments covered in the Report:

The Global Personal Luxury Goods market has been segmented based on product type, distribution channel and key geographies. Based on product, the market is segmented into Apparels, Accessories, Cosmetics & Fragrances, Hard Luxury, and Others. Based on distribution channel, the market is segmented into Online Stores, Specialized Stores, Supermarket/Hypermarket, and Others.

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Key questions answered in this research report:

• • At what pace is Global Personal Luxury Goods market growing? What will be the trend in growth in the future?
  • What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
  • What is the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Personal Luxury Goods market?
  • What are the several application areas of the Global Personal Luxury Goods market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • Which product generated maximum revenues in 2022 and identify the most promising products during the forecast period?

Report Coverage	Details
Market Revenues (2022)	USD Million
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Product Type, By Distribution Channel, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	The Estee Lauder Companies Inc., Loreal S.A., Christian Dior, Ralph Lauren, Luxottica, LVMH, Richemont, Kering, Tiffany & Co., Breitling, Burberry, Chanel, Coach, Prada, and Swatch Group, among others; a total of 15 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Personal Luxury Goods Market by Product Type

• • Apparels
  • Accessories
  • Cosmetics & Fragrances
  • Hard Luxury
  • Others

Global Personal Luxury Goods Market by Distribution Channel

• • Online Stores
  • Specialized Stores
  • Supermarket/Hypermarket
  • Others

Global Personal Luxury Goods Market by Region

• • North America Personal Luxury Goods Market (Option 1: As a part of the free 25% customization)
    • By Product Type
    • By Distribution Channel
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Personal Luxury Goods Market (Option 2: As a part of the free 25% customization)
    • By Product Type
    • By Distribution Channel
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Personal Luxury Goods Market (Option 3: As a part of the free 25% customization)
    • By Product Type
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Personal Luxury Goods Market (Option 4: As a part of the free 25% customization)
    • By Product Type
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Personal Luxury Goods Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • The Estee Lauder Companies Inc.
  • Loreal S.A.
  • Christian Dior
  • Ralph Lauren
  • Luxottica
  • LVMH
  • Richemont
  • Kering
  • Tiffany & Co.
  • Breitling
  • Burberry
  • Chanel
  • Coach
  • Prada
  • Swatch Group