Luxury Market

Goals

To inform an article on the luxury market by obtaining insights for 2019 and 2020 on how the market is categorized as well the market size for the US vs the global market, while possibly covering segments such as autos, fashion and accessories, alcoholic beverages, private yachts, private planes, travel, and home.

Early Findings

Global Luxury Market

  • There are various markets comprising the global luxury market, some of which, according to Statista, include luxury cars, personal luxury goods, luxury hospitality, fine wines and spirits, gourmet food and fine dining, high-end furniture & housewares, fine art, private jets and yatchs, and luxury cruises.
  • Research conducted by Euromonitor integrating the various segments estimated the global luxury market in 2019 at more than $1 trillion, with South China Morning Post reporting the figure at $1.06 trillion in 2019.
  • Euromonitor estimates the global luxury market size to decline by 16.0% year-on-year in 2020, due to the pandemic's impact, to be worth $899 billion in 2020.

Global Luxury Goods Market

  • On the other hand, the global luxury goods market alone, which mainly covers watches and jewelry, perfumes and cosmetics, and fashion & accessories, was valued at $316.16 billion in 2019, according to Fortune Business Insights.
  • Due to the pandemic's impact, the global luxury goods market experienced a decline to $224.8 billion in 2020, according to Research and Markets, and is is projected to grow at a CAGR of 4.8% to reach $312.8 billion.
  • The US alone accounts for $49.5 billion of the 2020 luxury goods market.
  • Some key drivers behind the growth of the luxury goods industry include the rise in number of the wealthy population, while some trends in the market include the emergence of technology-embedded products.

Summary

  • Our initial hour of research established that the luxury market is highly fractured and comprehensive reports covering all segment may not be publicly available.
  • However, the research uncovered market sizes for individual segments, including the 2020 market size for both the US and global luxury goods market.
  • We can continue the research to provide the individual market sizes for the various segments for 2019 and 2020, i.e the autos, alcoholic beverages, private yachts, private planes, homes, and travel luxury markets.
  • Below is the recommended research path.

Research proposal:

Only the project owner can select the next research path.
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