Market Size of Malaysia Luxury Goods Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.54 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Malaysia Luxury Goods Market Analysis
Malaysia luxury goods market is projected to grow with a CAGR of 4.54% during the forecast period, 2022 - 2027.
The Covid-19 crisis has hit the luxury and fashion industry hard as the pandemic strongly impacted the way consumers perceive their financial situation. Further, the industry has been affected at different levels of the supply chain by the closure of all commercial markets and malls; and the cross-border trade barriers. Moreover, in 2020 and the early months of 2021, changes in tourism flow due to the ongoing COVID-19 travel restrictions wiped out an undeniably large chunk of the purchasing power. According to the data released by the DOSM (Department of Statistics Malaysia), in 2020, Malaysia recorded a decrease of 83% in international tourist arrival compared to the earlier year due to the pandemic. As most of the tourists are from European countries with significant purchasing power, the pandemic has affected the sales of luxury goods substantially during 2020. However, the pandemic has provided an opportunity for luxury brands in online retailing as techno-savvy consumers are opting for e-commerce platforms to purchase various fashion accessories including footwear, bags, and jewelry, among others.
In the medium term, the demand for luxury products is expected to grow significantly as Malaysia is emerging as one of the popular destinations for luxury tourism, thereby making it a potential marketplace for global luxury brand manufacturers and retailers. Further, the emergence of e-commerce has provided easy access to product-related information and prices, through online sources, at any given point of time. This in turn, expected to accelerate the sale of luxury goods through online retail channels.
Malaysia Luxury Goods Industry Segmentation
Luxury goods are handcrafted with painstaking detail and discipline, featuring extraordinary craftsmanship, and are built with the highest quality materials. The Malaysia luxury goods market is segmented by type and distribution channel. By type, the market is segmented into clothing and apparel, footwear, bags, jewelry, watches, and other accessories. By distribution channel, the market is segmented into single-brand stores, multi-brand stores, online stores, and other distribution channels. The report offers market size and forecasts for Malaysia luxury goods market in value (USD million) for all the above segments.
| By Type | |
| Clothing and Apparel | |
| Footwear | |
| Bags | |
| Jewelry | |
| Watches | |
| Other Accessories |
| By Distibution Channel | |
| Single-brand Stores | |
| Multi-brand Stores | |
| Online Stores | |
| Other Distribution Channels |
Malaysia Luxury Goods Market Size Summary
The Malaysian luxury goods market is projected to experience steady growth through 2027, despite the challenges posed by the Covid-19 pandemic. The pandemic has altered consumer perceptions of their financial situation and disrupted the supply chain, leading to the closure of commercial markets and malls, and creating cross-border trade barriers. However, this has also presented an opportunity for luxury brands to boost their online retail presence as consumers increasingly turn to e-commerce platforms to purchase fashion accessories. The demand for luxury goods in Malaysia is expected to significantly increase in the medium term as the country emerges as a popular luxury tourism destination. This makes it a potential marketplace for global luxury brand manufacturers and retailers. The rise of e-commerce has also made it easier for consumers to access product-related information and compare prices, which is expected to accelerate the sale of luxury goods through online retail channels. The sustained growth of the luxury goods market can be attributed to the rise in the tourism industry and the increasing cultural influence in society, along with the growing wealth and super-rich population, who are willing to spend on luxury items.
Explore MoreMalaysia Luxury Goods Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Clothing and Apparel
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2.1.2 Footwear
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2.1.3 Bags
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2.1.4 Jewelry
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2.1.5 Watches
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2.1.6 Other Accessories
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2.2 By Distibution Channel
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2.2.1 Single-brand Stores
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2.2.2 Multi-brand Stores
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2.2.3 Online Stores
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2.2.4 Other Distribution Channels
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Malaysia Luxury Goods Market Size FAQs
What is the current Malaysia Luxury Goods Market size?
The Malaysia Luxury Goods Market is projected to register a CAGR of 4.54% during the forecast period (2024-2029)
Who are the key players in Malaysia Luxury Goods Market?
Rolex S.A., Prada S.p.A, The Estée Lauder Companies Inc., Burberry Group PLC and LVMH Moët Hennessy Louis Vuitton are the major companies operating in the Malaysia Luxury Goods Market.
