Luxury fashion arket Overview
The global luxury goods market reached $354.81 billion in 2023, up from $312.63 billion in 2022. the largest segment, accounting for around a third of total spend.
Growth has been driven by a resurgence in Europe of high-end spenders returning to travel. Asia leads in revenue generation at $135.2 billion.
The average spend per luxury consumer globally was $46.19 in 2023, up from $41.07 in 2022. The U.S. generates the most revenue per shopper at $169.
Regional Breakdown Luxury fashion
Asia accounts for the largest share of luxury revenues at $136 billion, followed by Europe at $110.5 billion and North America at $85.65 billion.
Europe saw the biggest growth, switching from a 5.6% contraction in 2022 to 24.6% growth in 2023. Asia and North America markets remained relatively static.
The Middle East and North Africa brazil email list 20 million contact leads (MENA) region also saw significant 23% growth in luxury to reach $11 billion in 2023.
Consumer Demographics
Millennials aged 27-42 are now the largest segment of luxury store shoppers at 25.1%, followed by Gen Z at 21.1%. Higher income shoppers account for 28.9%.
Luxury shoppers increasingly hail from emergent markets like Egypt (41.8%), China (40.8%) and India (31%). Traditional markets like the U.S., Canada, Australia and UK have lower percentages.
Around a third of shoppers across income levels expect to maintain the downside of job hunting luxury spending next year. 28.3% of higher income shoppers plan to spend more.
Channels and Devices
Physical retail still dominates luxury, accounting for be numbers 86% of global sale
