Market Size of APAC Luxury Goods Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 141.82 Billion |
| Market Size (2029) | USD 173.05 Billion |
| CAGR (2024 - 2029) | 4.06 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Luxury Goods Market Analysis
The APAC Luxury Goods Market size is estimated at USD 141.82 billion in 2024, and is expected to reach USD 173.05 billion by 2029, growing at a CAGR of 4.06% during the forecast period (2024-2029).
The Asia-Pacific region is the world's largest consumer of luxury products and has grown to be a significant market for international luxury brands. In the Asia-Pacific region, China and Japan rank among the top consumers of luxury goods and have the highest average per capita incomes. According to Alibaba, the sales of luxury goods in China increased from 11% to 20% in 2020 as compared to the overall share of the global industry.
The Asian luxury market is in flux, with consumers demanding 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 luxury consumers say they prefer brands that are socially responsible.
The COVID-19 epidemic had a big effect on the luxury goods market, especially in this part of the world where many people have been forced to stay home because of travel bans and lockdowns.
