Asia-Pacific Luxury Goods Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Asia-Pacific Luxury Goods Market is segmented by Type (Clothing and Apparel, Footwear, Bags, Jewelry, Watches and Other Types); by Distribution Channel (Single-branded Stores, Multi-brand Stores, Online Stores and Other Distribution Channels); by Geography.

Market Snapshot

Asia-Pacific Luxury Goods Market - Summary
Study Period: 2016 - 2026
Base Year: 2020
CAGR: 8.5 %

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Market Overview

Asia-Pacific Luxury Goods Market is anticipated to grow at a CAGR of 8.5% during the forecast period (2020-2025)

  • The Asian luxury market is in flux with consumers demanding for luxury goods from different backgrounds and starting points. A steady economy, rapidly changing consumer trends, the growth of boutique luxury brands and the massive shift from physical to digital channels are creating a new competitive landscape for the luxury goods market.
  • Younger consumers are helping to drive changes in luxury consumption and attitudes. They are heavily fixated on sustainability and most of luxury consumers say they prefer brands that are social responsible.

Scope of the Report

Asia-Pacific Luxury Goods market is segmented by type into clothing and apparel, footwear, bags, jewelry, watches and other types. By distribution channel the market is segmented into single-branded stores, multi-brand stores, online stores and other distribution channels. By geography the market is segmented into China, Japan, India, Australia, South Korea and Rest of Asia-Pacific.

Type
Clothing and Apparel
Footwear
Bags
Jewelry
Watches
Others
Distribution Channel
Single-branded Stores
Multi-brand Stores
Online Stores
Other Distribution Channels
Geography
China
Japan
India
Australia
South Korea
Rest of Asia Pacific

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Key Market Trends

Growing Penetration Through Online Channels

Luxury is also becoming more digital. Asia is emerging as a new growth engine for luxury online.Eventhough only a small portion of the market is sold through online channles the sales through the channel is growing very rapidly with accessories and beauty products holding the major share. Online continues to gain share , with customers increasingly influenced and enabled by digital channels, also in their physical purchases. The biggest online channels for luxury sales were e-tailers, brands’ own websites and retailers’ websites. Strategic decisions to diversify into new business areas are never taken lightly in the luxury goods industry and competition among players is very strong, intensified by the growth in online shopping. For Instance, Louis Vuitton expanded out from its focus on clothing and bags to open a jewellery house with an online presence.

Asia-Pacific Luxury Goods Market - 1

China Dominates The Market

Spending in China’s market is booming owing to the solid consumer confidence and willingness to buy, especially among young generations. These young consumers are well informed about luxury and eager to embrace innovative trends, such as the convergence of high fashion and sportswear. The Chinese government’s reduction in import duties and stricter controls over gray markets combined with brands’ efforts to narrow the price gap with overseas markets have led more Chinese consumers to make their luxury purchases in China. Sustainability and digitalization are also factors augmenting the growth of the market.

Asia-Pacific Luxury Goods Market - 2

Competitive Landscape

Asia-Pacific Luxury Goods market is a fragmented with the presence of various companies. Players in the market are diversifying their products and are expanding their distribution circles and are experimenting through online channels for acquiring a competitive edge in the market. Some of the major players in the market are LVMH Moët Hennessy, Chanel S.A, Hermès International S.A, Kering S.A. etc.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products and Services

      5. 4.3.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Clothing and Apparel

      2. 5.1.2 Footwear

      3. 5.1.3 Bags

      4. 5.1.4 Jewelry

      5. 5.1.5 Watches

      6. 5.1.6 Others

    2. 5.2 Distribution Channel

      1. 5.2.1 Single-branded Stores

      2. 5.2.2 Multi-brand Stores

      3. 5.2.3 Online Stores

      4. 5.2.4 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 China

      2. 5.3.2 Japan

      3. 5.3.3 India

      4. 5.3.4 Australia

      5. 5.3.5 South Korea

      6. 5.3.6 Rest of Asia Pacific

  6. 6. Competitive Landscape

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 LVMH Moet Hennessy

      2. 6.3.2 Chanel S.A

      3. 6.3.3 Hermes International S.A

      4. 6.3.4 Kering S.A.

      5. 6.3.5 Rolex SA

      6. 6.3.6 Compagnie Financiere Richemont SA

      7. 6.3.7 Prada S.p.A.

      8. 6.3.8 L'Oreal S.A.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Asia-Pacific Luxury Goods Market market is studied from 2016 - 2026.

The Asia-Pacific Luxury Goods Market is growing at a CAGR of 8.5% over the next 5 years.

LVMH Moët Hennessy, Chanel S.A, Hermès International S.A, Kering S.A., Rolex SA are the major companies operating in Asia-Pacific Luxury Goods Market.

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