Global Hard Luxury Goods Market was valued at USD 12 Billion in 2022 and is projected to reach USD 18 Billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030.
The hard luxury goods market, encompassing high-end watches and jewelry, has experienced notable fluctuations recently. In 2024, the sector faced a 2% decline, bringing global sales to €363 billion. This downturn, the first since the Great Recession, was influenced by economic uncertainties and significant price increases. Notably, the market contracted by approximately 50 million consumers, with many feeling priced out or disillusioned by the current luxury offerings.
Despite these challenges, the market is projected to recover modestly. Forecasts for 2025 suggest a growth range between 0% and 4%, with long-term expectations of a 4% to 6% annual increase over the next decade. Emerging markets, particularly in regions like Latin America, India, Southeast Asia, and Africa, are anticipated to drive this resurgence, adding over 50 million upper-middle-class luxury consumers by 2030.
China's role remains pivotal. Although the Chinese market saw a 20% decline in 2024, it is expected to stabilize and contribute significantly to future growth. The rising middle class in China presents a substantial opportunity for luxury brands aiming to expand their consumer base.
In my experience, the allure of luxury watches and jewelry lies not just in their aesthetic appeal but also in their craftsmanship and heritage. Owning a meticulously crafted timepiece or a piece of fine jewelry offers a sense of exclusivity and personal connection to the brand's history. This personal attachment often justifies the premium prices associated with such items.
However, the industry faces challenges beyond economic factors. The "quiet luxury" trend, characterized by understated and logo-free designs, has gained popularity. While appealing to some, this movement has inadvertently lowered barriers to entry and increased the prevalence of replicas, potentially diluting brand exclusivity. To counteract this, analysts suggest a return to innovative designs and more prominent branding to reignite consumer interest.
Additionally, the rise of the secondhand luxury market indicates a shift in consumer behavior. Many buyers now seek value and sustainability, opting for pre-owned luxury items that offer both quality and a reduced environmental footprint. This trend presents both a challenge and an opportunity for traditional luxury brands to adapt and cater to evolving consumer preferences.
In conclusion, while the hard luxury goods market has encountered recent setbacks, strategic adaptations focusing on emerging markets, design innovation, and alignment with consumer values position the industry for a promising future.
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Graff Diamonds Ltd.
LVMH
Giorgio Armani
Swatch Group
Richemont
Bulgari
Chanel S.A.
Ralph Lauren Corp.
Tiffany & Co.
Harry Wintson
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Hard Luxury Goods Market
Monobrand Store
Department Store
Specialty Store
Online Store
Based on Types the Market is categorized into Below types that held the largest Hard Luxury Goods market share In 2023.
Watches
Jewelry
Other
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Hard Luxury Goods Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Hard Luxury Goods Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Hard Luxury Goods Market, By Type
6. Global Hard Luxury Goods Market, By Application
7. Global Hard Luxury Goods Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Hard Luxury Goods Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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