Luxury Goods Market Evolving With AI, AR, and Virtual Retail Stores

The global luxury goods market size was estimated at USD 390.17 billion in 2024 and is projected to reach USD 579.26 billion by 2030, growing at a CAGR of 6.8% from 2025 to 2030. Rising disposable incomes and wealth across the globe, particularly in emerging economies such as China and India, have been key drivers of market growth.

In addition, younger consumers, including millennials and Generation Z, are increasingly becoming significant contributors to luxury consumption. Their demand for modern, experiential, and personalized luxury offerings has reshaped the industry. Social media and influencer marketing have further amplified brand visibility and desirability, making luxury more accessible and aspirational. For instance, in May 2025, Givenchy collaborated with Chinese influencer Tao Liang (Mr. Bags) to launch a limited-edition Voyou bag, exclusively available in China via his WeChat mini-program store.

The digital transformation is redefining how consumers engage with luxury brands. E-commerce, social media, and digital marketing are now integral to reaching global audiences and enhancing customer engagement. Luxury companies are investing heavily in digital channels to provide seamless shopping experiences. For example, in August 2023, JD.com partnered with Gucci to launch the official Gucci digital flagship store, enhancing accessibility for Chinese consumers seeking luxury products online.

Key Market Highlights:

• The Asia Pacific dominated the luxury goods market with a revenue share of 39.9% in 2024.
• China accounted for the highest revenue share within the Asia Pacific market in 2024.
• By product, the apparel segment held a share of 25.9% of global revenue in 2024.
• By end-use, the women’s segment led the global market in 2024.

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Market Performance:

• 2024 Market Size: USD 390.17 Billion
• 2030 Projected Market Size: USD 579.26 Billion
• CAGR (2025-2030): 6.8%
• Asia Pacific: Largest Market in 2024

Prominent Companies & Market Dynamics:

Leading companies are continuously expanding their product portfolios and strengthening brand positioning to capture a larger share of the luxury market.

• LVMH Group is a French multinational conglomerate that owns a diverse portfolio of prestigious brands spanning fashion and leather goods, perfumes and cosmetics, jewelry and watches, wines and spirits, and selective retailing. Some of its iconic brands include Louis Vuitton, Dior, Givenchy, Fendi, Bulgari, TAG Heuer, Sephora, Moët & Chandon, and Dom Pérignon.
• Kering SA, another French leader, focuses primarily on fashion and leather goods with brands such as Gucci, Saint Laurent, Balenciaga, Bottega Veneta, Alexander McQueen, and Brioni. The company is also recognized for its strong emphasis on sustainability and ethical practices in the luxury industry.

Key Companies:

• Hermès International S.A.
• Audemars Piguet Holding SA
• Patek Philippe SA
• Rolex SA
• Omega
• Ralph Lauren
• Richemont S.A.
• Swarovski
• Pandora Inc.
• Hugo Boss AG

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Conclusion

The luxury goods market is witnessing robust growth, fueled by rising wealth, digital transformation, and evolving consumer preferences among younger generations. With strong momentum in Asia Pacific, growing online accessibility, and continuous innovation by leading brands, the industry is well-positioned for sustained expansion through 2030.