Global Hard Luxury Goods Market Is Expected to Reach around USD 244.59 Billion By 2032

Zion Market Research has published a new report titled “Hard Luxury Goods Market By Product Type (Watches, Jewelry, And Others), By Distribution Channel (Online Stores, Department Stores, Specialty Store, And Monobrand Stores), And By Gender (Male And Female), And By Region - Global And Regional Industry Overview, market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032”. According to the report, the global hard luxury goods market accounted for USD 164.59 billion in 2023 and is expected to reach USD 244.59 billion by 2032, at a CAGR of around 4.50% between 2024 and 2032.

The world’s economy is strengthening and there has been a significant rise in the count of newly listed high net worth individuals, which are the key factors driving the hard luxury goods market globally. Moreover, the rapid product distribution on e-commerce websites is also aiding the hard luxury goods market by fuelling the ease of convenience. The flourishing fashion industry is the major force propelling this market, as the influencers and trendsetters market and use these products. The hard luxury goods like watches, jewelry, etc. are not essential for basic human needs but are acquired to maintain one’s status and enhance self-worth. However, limited product availability, volatile product prices, and inefficient channels of distribution may restrain the global hard luxury goods market growth. Alternatively, the increasing bandwidth of the upper-class society both in developed and developing nations is expected to provide new growth opportunities for the key market players in the upcoming years.

Browse the full “Hard Luxury Goods Market By Product Type (Watches, Jewelry, And Others), By Distribution Channel (Online Stores, Department Stores, Specialty Store, And Monobrand Stores), And By Gender (Male And Female), And By Region - Global And Regional Industry Overview, market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032” Report at https://www.zionmarketresearch.com/report/hard-luxury-goods-market

The global hard luxury goods market is fragmented based on product type, distribution channel, and gender. By product type, the market includes watches, jewelry, and others. On the basis of the distribution channel, the hard luxury goods market includes department stores, specialty stores, online stores, and monobrand stores. Though most potential customers prefer buying hard luxury goods offline through department stores, specialty stores, etc., the online distribution channel is expected to register remarkable growth over the forecast time period due to the convenience. Additionally, the influx of e-commerce websites has played a key role in recent years to propel this market, as these online stores sell the latest products at competitive prices. By gender, the hard luxury goods market is segmented into male and female.

North America is the leading region in the global hard luxury goods market, due to a high per capita income of the regional population. The end-users in North America prefer quality products, which is increasing the demand for premium-priced goods across the region. Moreover, the huge influence of the global fashion industry is expected to further drive the North American hard luxury goods market over the forecast time period. The Asia Pacific hard luxury goods market is expected to witness significant growth in the future, owing to the large demand of these products for the fashion-conscious upper-class youth in the region.

Some key participants operating in the global hard luxury goods market are Bulgari, Bottega Veneta, Chanel, Graff Diamonds, Giorgio Armani, Hermes International, Harry Winston, Louis Vuitton, Richemont, Ralph Lauren, Swatch, and Tiffany.

This report segments the global hard luxury goods market into:

Global Hard luxury goods market: Product Type Analysis

• Watches
• Jewelry
• Others

Global Hard luxury goods Market: Distribution Channel Analysis

• Online Stores
• Department Stores
• Specialty Stores
• Monobrand Stores

Global Hard luxury goods Market: Gender Analysis

• Male
• Female

Global Hard luxury goods Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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