개인용 고급품 시장 규모는 2024년에 1,010억 5,000만 달러로 평가되었고, 2024년부터 2031년까지 5.2%의 연평균 복합 성장률(CAGR)을 나타낼 전망이며, 2031년에는 1,460억 7,000만 달러에 달할 것으로 예상됩니다. 개인용 고급품이란 독점성, 품질, 상태를 전달하는 고급 소비자용 제품을 말합니다. 이 카테고리에는 디자이너 의류, 고급 핸드백, 고급 보석, 시계, 고급 화장품 등 다양한 상품이 포함되며 일반적으로 뛰어난 장인 기술과 브랜드력이 특징입니다. 개인용 고급품은 주로, 자신의 라이프 스타일이나 사회적 지위를 반영하는, 유니크하고 격조 높은 아이템을 요구하는 부유층을 대상으로 판매되고 있습니다. 이러한 제품은 종종 개인의 표현이나 정체성과 연결되어 있으며, 소비자가 품질이나 브랜드의 전통을 우선시하기 때문에 패션, 미용, 액세서리 등 다양한 시장에서 인기를 끌고 있습니다.
가처분 소득 증가 :
신흥 시장에서의 가처분 소득 증가가 개인용 고급품 수요를 견인하고 있습니다. 부유한 소비자들은 고급품에 대한 지출을 마다하지 않고 시장 성장에 기여하고 있습니다. 통계 및 계획실시부에 의하면, 2022-2023년 인도의 1인당 국민순소득은 현재의 가격으로 1,72,000 인돌피(약 2,300달러)로 평가되었고, 전년대비 15.8%의 성장세를 나타냈습니다.
소비자 선호의 변화 :
현대의 소비자는 개성적이고 개인화된 호화스러운 체험을 요구하고, 브랜드는 제공하는 상품을 혁신하고 있습니다. 이러한 소비자 기호의 변화는, 고급품 시장을 활성화시킨다. 베인 앤드 컴퍼니의 2023년 조사에 따르면 고급 제품 소비자의 70%는 개인화된 제품과 경험을 제공하는 브랜드를 선호하며 2018년 45%에서 증가했습니다.
전자상거래 성장 :
전자상거래 플랫폼의 확장으로 고급 제품이 더 많은 사람들에게 친숙해지고 있습니다. 온라인 쇼핑에 의해 소비자는 자택에 있으면서 고급 브랜드나 상품을 탐색할 수 있게 되어 매출을 끌어올리고 있습니다. Bain & Company의 Luxury Goods Worldwide Market Study에 따르면 2023년 전체 럭셔리 세일즈에서 온라인 판매 비중은 22%에 달했고, 2019년 12%에서 증가했습니다.
소셜 미디어의 영향력 :
소셜 미디어 플랫폼은 고급 브랜드에 대한 소비자의 인식을 형성하는데 중요한 역할을 하고 있습니다. 인플루언서 마케팅과 비주얼 주도의 콘텐츠는 동경하는 라이프 스타일의 창조에 도움이 되고 개인적인 고급품에 대한 관심을 높이고 있습니다. 인플루언서 마케팅 허브가 2023년 발표한 보고서에 따르면 고급 브랜드의 92%가 인플루언서 마케팅을 이용하고 있으며, 1달러 비용 대비 평균 5.78달러의 ROI가 있습니다.
여행 및 관광 증가 :
해외 여행 및 관광 증가는 여행자가 종종 고급품을 구입하려고 하기 때문에 고급품 시장에 공헌하고 있습니다. 고급 쇼핑가는 관광객을 끌어들여 이 분야의 매출을 더욱 끌어올립니다. 세계여행투어리즘협의회(World Travel & Tourism Council)는 2023년에는 세계 여행투어리즘이 세계 경제에 5조 달러를 가져다 팬데믹 이전의 95%까지 회복할 것으로 예측하고 있습니다.
주요 과제
위조품 :
고급품의 위조품의 만연은 시장에 큰 과제를 가져오고 있습니다. 모방품은 브랜드의 품위를 손상시키고 소비자가 진짜 고급품에 투자하는 것을 주저하게 만듭니다.
소비자의 가치관 변화 :
지속가능성과 윤리적 소비가 중시되어 소비자의 우선순위가 변화하고 있습니다. 이러한 가치관에 적응하지 못하는 고급 브랜드는 환경 의식이 높은 바이어를 끌어들이는 데 어려움을 겪을 수 있습니다.
치열한 경쟁 :
개인용 고급품 시장은 경쟁이 치열해, 수많은 브랜드가 소비자의 주목을 모으려고 노력하고 있습니다. 이 치열한 경쟁은 가격 경쟁으로 이어져 브랜드의 위신을 저하시키고 수익성에 영향을 미칩니다.
소비 습관의 변화 :
젊은 소비자, 특히 밀레니얼 세대와 Z 세대는 물질적 재산보다 경험을 선호합니다. 이러한 소비 습관의 변화는 전통적인 고급품에 대한 수요 감소로 이어질 수 있으며, 브랜드는 혁신에 도전해야 합니다.
주요 동향
지속가능성의 중요성 :
소비자가 윤리적 관행을 우선하는 경향이 강해지고 있는 가운데, 지속가능성은 개인용 고급품 시장에 있어서 중요한 동향이 되고 있습니다. 브랜드는 환경에 배려한 소재나 투명성이 높은 공급 체인을 채용해, 환경 의식이 높은 구매자에게 어필하고 있습니다.
디지털 참여의 상승 :
디지털 기술의 통합은 고급 브랜드가 소비자와 어떻게 관련되는지에 변화를 가져옵니다. 온라인 플랫폼, AR(증강현실), 소셜 미디어 마케팅은 쇼핑 경험을 향상시켜 젊은 층을 끌어들이고 있습니다.
개인화 및 사용자 정의 :
소비자는 개인의 정체성을 반영하는 개인화되고 맞춤화 된 고급 제품을 찾고 있습니다. 브랜드는 맞춤형 서비스와 맞춤형 체험을 제공함으로써 고객과의 더 깊은 유대감을 키워가며 대응하고 있습니다.
Personal Luxury Goods Market size was valued at USD 101.05 Billion in 2024 and is projected to reach USD 146.07 Billion by 2031 , growing at a CAGR of 5.2% from 2024 to 2031. Personal luxury goods refer to high-end consumer products that convey exclusivity, quality, and status. This category encompasses a wide range of items, including designer clothing, luxury handbags, fine jewelry, watches, and premium cosmetics, typically characterized by their superior craftsmanship and branding. Personal luxury goods are primarily marketed to affluent consumers who seek unique and prestigious items that reflect their lifestyle and social status. These products are often associated with personal expression and identity, making them popular in various markets, including fashion, beauty, and accessories, as consumers prioritize quality and brand heritage.
The key market dynamics that are shaping the global personal luxury goods market include:
Rising Disposable Income:
Increasing disposable incomes in emerging markets are driving demand for personal luxury goods. Affluent consumers are more willing to spend on high-end products, contributing to market growth. India's per capita net national income at current prices was estimated at 1,72,000 INR (approximately $2,300) for 2022-23, showing a growth of 15.8% over the previous year, according to the Ministry of Statistics and Programme Implementation.
Changing Consumer Preferences:
Modern consumers are seeking unique and personalized luxury experiences, leading brands to innovate their offerings. This shift in preference towards exclusivity and craftsmanship fuels the luxury goods market. A 2023 survey by Bain & Company found that 70% of luxury consumers prefer brands that offer personalized products and experiences, up from 45% in 2018.
Growth of E-commerce:
The expansion of e-commerce platforms is making luxury goods more accessible to a broader audience. Online shopping allows consumers to explore high-end brands and products from the comfort of their homes, boosting sales. Online luxury sales accounted for 22% of total luxury sales in 2023, up from 12% in 2019, according to Bain & Company's Luxury Goods Worldwide Market Study.
Influence of Social Media:
Social media platforms play a significant role in shaping consumer perceptions of luxury brands. Influencer marketing and visually driven content help create aspirational lifestyles, increasing interest in personal luxury goods. A report by Influencer Marketing Hub in 2023 found that 92% of luxury brands use influencer marketing, with an average ROI of $5.78 for every dollar spent.
Increased Travel and Tourism:
The growth of international travel and tourism contributes to the luxury goods market as travelers often seek to purchase high-end products. Luxury shopping destinations attract tourists, further driving sales in this sector. The World Travel & Tourism Council projected that global travel and tourism would contribute USD 5 Trillion to the global economy in 2023, recovering to 95% of pre-pandemic levels.
Key Challenges:
Counterfeit Products:
The prevalence of counterfeit luxury goods poses a significant challenge to the market. Counterfeiting undermines brand integrity and can deter consumers from investing in authentic luxury items.
Changing Consumer Values:
A growing emphasis on sustainability and ethical consumption is shifting consumer priorities. Luxury brands that fail to adapt to these values may struggle to attract eco-conscious buyers.
Intense Competition:
The personal luxury goods market is highly competitive, with numerous brands vying for consumer attention. This intense competition can lead to price wars and dilute brand prestige, impacting profitability.
Shift in Spending Habits:
Younger consumers, particularly millennials and Gen Z, are prioritizing experiences over material possessions. This shift in spending habits may lead to decreased demand for traditional luxury goods, challenging brands to innovate.
Key Trends
Focus on Sustainability:
Sustainability is becoming a significant trend in the personal luxury goods market, as consumers increasingly prioritize ethical practices. Brands are adopting eco-friendly materials and transparent supply chains to appeal to environmentally conscious buyers.
Rise of Digital Engagement:
The integration of digital technology is transforming how luxury brands engage with consumers. Online platforms, augmented reality, and social media marketing are enhancing the shopping experience and attracting a younger demographic.
Personalization and Customization:
Consumers are seeking personalized and customized luxury products that reflect their individual identities. Brands are responding by offering bespoke services and tailored experiences, fostering deeper connections with their clientele.
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Here is a more detailed regional analysis of the global personal luxury goods market:
Asia Pacific
The Asia Pacific region is the dominant force in the personal luxury goods market due to the rapid economic growth, increasing disposable incomes, and a burgeoning middle class with a strong appetite for luxury brands. China, in particular, has become a powerhouse in luxury consumption, with its affluent consumers driving significant market growth.
According to the National Bureau of Statistics of China, the country's per capita disposable income reached 35,128 yuan (approximately $5,428) in 2021, a 9.1% increase from the previous year, fueling luxury purchases. Recently, LVMH reported a 34% increase in revenue in Asia (excluding Japan) for the first half of 2023, underscoring the region's pivotal role in the luxury goods market.
The rise of digital platforms and e-commerce in Asia Pacific has revolutionized the way luxury goods are marketed and sold, contributing to the region's market dominance. Countries like South Korea and Japan are at the forefront of digital innovation, influencing luxury retail strategies across the region.
The Japan External Trade Organization (JETRO) reported that the country's e-commerce market for fashion and luxury goods grew by 9.5% in 2022, reaching 2.1 trillion yen (approximately USD 7 Billion). In a significant move, Gucci recently launched its first-ever virtual world, "Gucci Town," on the Roblox platform, targeting young, tech-savvy Asian consumers and blending digital experiences with luxury brand engagement.
North America
North America's personal luxury goods market is experiencing significant growth, driven by a rising consumer base with increasing disposable income. According to the U.S. Bureau of Economic Analysis, personal income in the United States rose by 2.1% in July 2023, indicating more spending power among consumers. Major players like LVMH reported a strong performance in the region, with their Q2 2023 results highlighting a 25% increase in sales, reflecting a robust demand for luxury goods.
The shift towards online shopping has also propelled the personal luxury goods market in North America. A report by the National Retail Federation noted that e-commerce sales in the U.S. increased by 12% in 2022, showcasing consumers' preference for digital platforms. Brands such as Gucci have adapted by enhancing their online presence, launching exclusive digital collections that cater to tech-savvy luxury shoppers, contributing to their impressive sales growth.
The Global Personal Luxury Goods Market is Segmented on the basis of Product Type, Sales Channel, End-User, and Geography.
Based on Product Type, the Personal Luxury Goods Market is bifurcated into Watches & Jewelry, Perfumes & Cosmetics, and Clothing. In the personal luxury goods market, the watches and jewelry segment currently dominates, driven by a strong heritage of craftsmanship and significant consumer investment in luxury timepieces and fine jewelry. However, the perfumes and cosmetics segment is rapidly growing, propelled by increasing consumer interest in high-end beauty products and the rising trend of luxury self-care. This growth reflects a broader shift towards personal expression and self-indulgence, as consumers increasingly seek to enhance their beauty routines with premium offerings.
Based on Sales Channel, the Personal Luxury Goods Market is bifurcated into Online & Offline. In the personal luxury goods market, the offline segment currently dominates, as traditional retail stores provide customers with a tactile shopping experience and personalized service, which are highly valued in the luxury sector. However, the online segment is rapidly growing, driven by the increasing shift towards e-commerce, improved digital marketing strategies, and the convenience of online shopping. This trend reflects changing consumer behaviors, particularly among younger shoppers, who prioritize accessibility and the ability to browse a wider range of luxury products from the comfort of their homes.
Based on End-User, the Personal Luxury Goods Market is bifurcated into Men and Women. In the personal luxury goods market, the women segment currently dominates, driven by a strong demand for high-end fashion, accessories, and beauty products. However, the men segment is rapidly growing, fueled by increasing awareness of personal grooming and fashion among male consumers, as well as a broader acceptance of luxury items in men's wardrobes. This trend highlights a shift towards greater inclusivity in luxury markets, as brands expand their offerings to cater to the evolving tastes and preferences of male shoppers.
Based on Geography, the Global Personal Luxury Goods Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. In the personal luxury goods market, Europe currently dominates, benefiting from its rich heritage in fashion and luxury brands, along with strong consumer demand from both local and international shoppers. However, the Asia Pacific region is the rapidly growing segment, driven by rising disposable incomes, a burgeoning middle class, and increasing interest in luxury products among younger consumers. This growth reflects a significant shift in global luxury consumption patterns, as brands expand their presence in this dynamic and high-potential market.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.