07.05.23
The global market for "personal luxury goods" will expand through 2027, according to Research and Markets' new report, "Global Personal Luxury Goods Market, Insights and Forecast."
Personal luxury goods includes items such as handbags, wallets, watches, jewelry, shoes, luxury eyewear—plus beauty products. Skincare, hair care, makeup, fragrances, and hygiene products are all included in the data.
The global personal luxury goods market is expected to record a value of US$418.64 billion in 2027, witnessing growth at a CAGR of 4.22% for the period spanning 2023-2027.
Factors such as growing client base, expansion of the tourism sector, rising income levels, rapid urbanization and escalating adoption of premium cosmetics, especially skincare products would drive the growth of the market.
However, the market growth would be challenged by rising input costs, growing counterfeiting trend and brand reputation. A few notable trends include surging millennial spending, upsurge in online sales, flourishing second-hand personal luxury goods market and integration of technology.
The fastest growing regional market was Asia Pacific due to the rapid increase in the women population across the Asian countries and the growing popularity of aspirational luxury products among Millennials.
