Hard Luxury Goods Market Size, Share, Trends, & Growth Report 2032

Hard Luxury Goods Market: Size

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.

The report encloses a forecast and current estimates for the hard luxury goods market on a global and regional level. The study provides historical data from 2018 to 2022 and a forecast from 2024 to 2032 based on revenue (USD Billion).

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Hard Luxury Goods Market: Overview

Hard luxury goods are items that are usually purchased by upper-class individuals. They individuals prefer branded items and superior quality goods that are desired by everyone. Therefore, companies invest heavily in the marketing of these products and show the superior quality of their products. 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.

The study also provides the impact and the descriptive analysis of major drivers, restraints, and opportunities of the global hard luxury goods market.

The study also offers the market attractiveness and Porter’s Five Forces Model analysis to gauge the competitive landscape of major vendors of the global hard luxury goods market. This comprehensive study also provides a detailed analysis and overview of each segment included in the study.

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Hard Luxury Goods Market: Segmentation

The report also includes a crucial view of the market based on product type, distribution channel, gender, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By product type, the market includes watches, jewelry, and others.

On the basis of distribution channel, the hard luxury goods market includes department stores, specialty stores, online stores, and monobrand stores. The influx of e-commerce websites has played a key role in the recent years to propel this market, as these online stores sell the latest products at competitive prices apart from becoming the most preferred distribution channel for buying hard luxury goods.

Based on gender, the market includes female and male.

Hard Luxury Goods Market: Report Scope

Hard Luxury Goods Market: Regional Analysis

The regional segment includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa. 

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.

Hard Luxury Goods Market: Key Players Analysis

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
• 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