Global Hard Luxury Goods Market Insights Forecasts to 2033

• The Global Hard Luxury Goods Market Size was Valued at USD 163.96 Billion in 2023
• The Market Size is Growing at a CAGR of 4.47% from 2023 to 2033
• The Worldwide Hard Luxury Goods Market Size is Expected to Reach USD 253.84 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Hard Luxury Goods Market Size is Anticipated to Exceed USD 253.84 Billion by 2033, Growing at a CAGR of 4.47% from 2023 to 2033.

Market Overview

Hard luxury goods are products that people in higher social classes usually afford. These consumers favor well-known brands and products of the highest quality that everyone needs. Corporations demonstrate the quality of their products by investing extensively in their advertising activities. The primary drivers of the hard luxury goods market are the growing worldwide economy and the notable increase in newly listed high-net-worth individuals. The market for hard luxury goods is still primarily driven by the rise in wealth and disposable income worldwide, especially in emerging economies.

Several factors drive the industry, including the increasing middle class wanting to possess luxury items, especially in emerging economies. Furthermore, key market players include Graff Diamonds Ltd., Giorgio Armani, Swatch Group, Richemont, Bulgari, Ralph Lauren Corp., Tiffany & Co., and Harry Winston. The market demand for luxury products has been driven by consumers' desire to highlight them on social media channels.  

For instance, in January 2023, Dow and LVMH Beauty will expedite the adoption of environmentally sustainable packaging for all of LVMH's perfume and cosmetic offerings. Through this partnership, the cosmetics multinational would be able to use bio-based and circular plastics in many of its product applications without sacrificing the packaging's quality or functionality.

Report Coverage

This research report categorizes the market for the global hard luxury goods market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global hard luxury goods market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global hard luxury goods market.

Driving Factors

The hard luxury goods are necessities that are usually only bought by consumers with high or average net value, demand for these products is growing. A growing pattern in the luxury goods market is the hard luxury goods Market. Although not required for human requirements, hard luxury goods define a social position and improve the confidence of individuals. An increase in fashion weeks and trade events worldwide has had a beneficial effect on the market for hard luxury goods as well. Due to they are more likely to follow current trends and styles after being influenced by leaders and other consumers, young people typically drive the market for hard luxury.

Restraining Factors

The hard luxury goods market is seriously threatened by counterfeit products. Technological developments have made it possible to produce intricate copies that are usually identical to the original. This damages the brand equity in addition to diverting income. Geopolitical tensions and economic instability can also have a transient effect on the market.

Market Segmentation

The global hard luxury goods market share is classified into product type, gender, and distribution channels.

• The watches segment is expected to hold the largest share of the global hard luxury goods market during the forecast period.   

Based on the product type, the global hard luxury goods market is divided into watches, jewelry, and others. Among these, the watches segment is expected to hold the largest share of the global hard luxury goods market during the forecast period. The most important source of profit is the rising demand for intelligent, high-end watches. Watches are predicted to be the most valued product in the worldwide hard luxury goods market. In the global hard luxury goods market, watches are probably going to continue to be the most valuable product.

• The women segment is expected to hold the largest share of the global hard luxury goods market during the forecast period.     

Based on the gender, the global hard luxury goods market is divided into men and women. Among these, the women segment is expected to hold the largest share of the global hard luxury goods market during the forecast period. In contrast to men, women are believed to make up a larger and more lucrative market for hard luxury goods purchases. The bulk of the market will be made up of women due to their increasing inclination for accessories including bracelets, watches, necklaces, rings, and earrings.    

• The specialty store & monobrand stores segment is expected to hold a significant share of the global hard luxury goods market during the forecast period.   

Based on the distribution channel, the global hard luxury goods market is divided into specialty store, monobrand stores, online stores, and department stores. Among these, the specialty store & monobrand stores segment is expected to hold a significant share of the global hard luxury goods market during the forecast period. Hard luxury goods profits are said to be larger by monobrand stores and specialized stores than by the other two categories, and this tendency is probably going to continue in the years to come. In monobrand and specialized stores, customers can see and handle the products firsthand, enabling them to compare their qualities face-to-face.

For instance, in February 2020, Burberry announced that it had acquired the Parisian department store chain Printemps, which offers a broad assortment of luxury goods in addition to fashion and beauty products.

Regional Segment Analysis of the Global Hard Luxury Goods Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the global hard luxury goods market over the predicted timeframe.

Europe is anticipated to hold the largest share of the global hard luxury goods market over the predicted timeframe. The existence of major hard luxury goods brands in European nations including Germany, France, Switzerland, and Italy has made Europe the market leader in the region for hard luxury goods. With additional duty-free retailers opening up, analysts predict that the hard luxury goods market in Europe will continue to grow over the coming years. This region's extremely dense retail network will soon help the luxury goods market in Europe grow.    

North America is expected to grow at the fastest pace in the global hard luxury goods market during the forecast period. Due to the high per capita income of its population, North America leads the world in the market for hard luxury goods. As the people of North America value quality, there is a growing demand for high-end products in the region. In addition, throughout the forecast period, the hard luxury goods market in North America is anticipated to continue to be driven by the significant influence of the global fashion market.   

Asia Pacific is anticipated to hold a significant share of the global hard luxury goods market over the predicted timeframe. The main factor propelling the target market's growth in Asia-Pacific is the rise in consumer disposable income. Due to the high demand for these products among the region's fashion-conscious upper-class youth, the Asia Pacific hard luxury goods market is anticipated to rise significantly in the coming years.    

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global hard luxury goods market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Graff Diamonds Ltd
• Giorgio Armani
• Swatch Group
• Richemont
• Bulgari
• Ralph Lauren Corp
• Tiffany & Co
• Hermes International
• Harry Winston
• Louis Vuitton
• Signet
• Tissot
• Bottega Veneta
• Tiffany and Co
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hard luxury goods market based on the below-mentioned segments: 

Global Hard Luxury Goods Market, By Product Type

• Watches
• Jewelry
• Others

Global Hard Luxury Goods Market, By Gender

• Men
• Women

Global Hard Luxury Goods Market, By Distribution Channels  

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

Global Hard Luxury Goods Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa