The global hard luxury goods market size was worth around USD 164.59 billion in 2023 and is predicted to grow to around USD 244.59 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.50% between 2024 and 2032.
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Market Overview for Hard Luxury Goods
Most often, upper-class individuals acquire hard luxury products. These individuals favor branded products and high-quality commodities that are universally desired. In order to demonstrate the superior quality of their products, companies make substantial investments in their marketing campaigns. The hard luxury goods market is being driven by the key factors of a substantial increase in the number of newly listed high net worth individuals and the general strengthening of the global economy. Additionally, the hard luxury goods market is being bolstered by the speedy product distribution on e-commerce websites, which is enhancing the convenience.
The market is primarily driven by the thriving fashion industry, which is leveraging influencers and trendsetters to market and utilize these products. Hard luxury items, such as watches and jewelry, are not indispensable for the fulfillment of fundamental human needs; rather, they are acquired to preserve one’s status and raise one’s self-esteem. Inefficient channels of distribution, volatile product prices, and limited product availability may impede the growth of the global hard luxury goods market. In contrast, the main market players are anticipated to capitalize on new growth opportunities in the coming years as a result of the expanding bandwidth of the upper-class society in both developed and developing nations.
The research also offers a descriptive analysis and the impact of the global hard luxury goods market’s main drivers, restraints, and opportunities.
In addition, the study provides an analysis of Porter’s Five Forces Model and market attractiveness to evaluate the competitive landscape of the global hard luxury goods market’s main vendors. In addition, this exhaustive investigation offers a thorough examination and summary of each segment that is examined.
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The Global Hard Luxury Goods Market is segmented based on product, application and region
Global Hard Luxury Goods Market: Product Segment Analysis
● Watches
● Jewelry
● Others
Global Hard Luxury Goods Market: Application Segment Analysis
● Online Stores
● Department Stores
● Specialty Stores
● Monobrand Stores
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The Global Hard Luxury Goods market profiles key players such as:
● Bulgari
● Bottega Veneta
● Chanel
● Graff Diamonds
● Giorgio Armani
● Hermes International
● Harry Winston
● Louis Vuitton
● Richemont
● Ralph Lauren
● Swatch
● Tiffany
Regional Analysis of the Hard Luxury Goods Market
The historic and forecast demand for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are all included in the regional segment.
The global hard luxury products market is dominated by North America, which is characterized by a high per capita income of its population. The demand for premium-priced goods in North America is on the rise due to the preference of end-users for high-quality products. Additionally, the North American hard luxury goods market is anticipated to be further stimulated by the significant influence of the global fashion industry during the forecast period. Due to the substantial demand for these products among the fashion-conscious upper-class youth in the Asia Pacific region, it is anticipated that the market for hard luxury goods will experience substantial development in the future.
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