Comparing the ** selected regions regarding the revenue in the luxury goods market, China is leading the ranking (** billion U.S. dollars) and is followed by Japan with **** billion U.S. dollars. At the other end of the spectrum is Pakistan with *** billion U.S. dollars, indicating a difference of **** billion U.S. dollars to China. Find other insights concerning similar markets and segments, such as a ranking by country regarding revenue in the luxury leather goods segment of the luxury goods market and a ranking by country regarding revenue in the luxury watches & jewelry segment of the luxury goods market. The Statista Market Insights cover a broad range of additional markets.

The Asian Luxury Goods Market report segments the industry into Type (Clothing and Apparel, Footwear, Bags, Jewelry, Watches, Other Types), Distribution Channel (Single-branded Stores, Multi-brand Stores, Online Stores, Other Distribution Channels), and Geography (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific). Get five years of historical data and future forecasts.

The Asia Pacific luxury goods market size reached USD 106.50 Billion in 2024. The market is expected to grow at a CAGR of 3.32% between 2025 and 2034, reaching USD 147.64 Billion by 2034.

Access Asia-Pacific Luxury Goods Industry Overview which includes Asia Pacific country analysis of (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC), market split by Product Type, End User, Distribution

The Asia-Pacific luxury goods market, valued at $141.82 billion in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 4.06% from 2025 to 2033. This expansion is fueled by several key factors. Rising disposable incomes, particularly within the burgeoning middle class of China and India, are significantly driving demand for luxury apparel, footwear, bags, jewelry, watches, and other luxury goods. Furthermore, the increasing influence of social media and aspirational lifestyles, coupled with a growing preference for personalized experiences and exclusive brands, contributes to market growth. E-commerce platforms are also playing a vital role, providing convenient access to luxury goods for a wider consumer base across the region, particularly in rapidly developing digital economies. However, geopolitical uncertainties and potential economic slowdowns could pose challenges. The market is segmented geographically, with China, Japan, India, Australia, and South Korea representing key markets. Competition among established luxury brands like LVMH, Chanel, and Richemont, alongside the emergence of local luxury players, is intensifying. The strategic expansion of single-branded stores alongside a robust multi-brand and online retail presence is shaping the distribution landscape.
The segmental breakdown reveals clothing and apparel, followed by footwear and luxury accessories (bags and jewelry), as dominant categories. Watches represent another significant portion of the market. While specific regional data is unavailable, it is reasonable to assume China holds the largest market share due to its massive population and economic growth. Japan, with its established luxury consumer base, and India, experiencing rapid economic expansion and a growing affluent class, also contribute significantly. Australia and South Korea represent strong, albeit smaller, luxury markets within the Asia-Pacific region. Future growth will be influenced by consumer preferences shifting towards sustainable and ethical luxury practices, leading to increased demand for eco-friendly and socially responsible luxury goods. Brands will need to adapt their strategies to address these evolving consumer values to maintain competitiveness. Recent developments include: June 2022: Estée Lauder's Luxury debuted its Fragrance Collection in Southeast Asia. This is Southeast Asia's first travel retail launch of the Estée Lauder Luxury Fragrance Collection. Estée Lauder has partnered with King Power Duty-Free [part of the King Power International Group] for the exclusive launch of the Luxury Fragrance Collection in Thailand., December 2021: Luxury swiss watch brand Roger Dubuis launched its first standalone store in Australia in Sydney. The brand has made 28 timepieces exclusive to the Sydney store, though sells its watches in other stores in Sydney and Melbourne., May 2021: the Los Angeles-based Aaron Kirman Group launched a new Asia-Pacific division to better tap into a growing market of luxury buyers from Asia.. Notable trends are: Rising Trend of Personalization and Customization of Goods.

This statistic shows the share of the personal luxury goods market worldwide in 2024, by region. In 2024, the Americas and Europe each accounted for ** percent of the global personal luxury goods market, followed by China with a share of ** percent of the market.

Technological advancements in the Asia Pacific Luxury Goods industry are shaping the future market landscape. The report evaluates innovation-driven growth and how emerging technologies are transforming industry practices, offering a comprehensive outlook on future opportunities and market potential.

Asia Pacific Used Luxury Goods Selling Service Market is Growing at Compound Annual Growth Rate (CAGR) of 18.2% from 2023 to 2030.

In 2024, China was estimated to account for ** percent of the global personal luxury goods market. In comparison, Japan's personal luxury goods market made up **** percent of the market in 2024. Global context and market trends The Asia-Pacific region, led by China and Japan, forms the largest share of the global luxury goods market. In 2023, the Americas and Europe each accounted for a similar share of the personal luxury goods market, with China close behind. Looking ahead, the revenue of luxury goods was estimated to grow across all segments by 2029. The luxury watches and jewelry segment is expected to see particularly strong growth, with a projected revenue of over *** billion U.S. dollars. This forecast suggests that Asia, and especially China, will continue to be crucial markets for luxury goods in the coming years.
Regional dynamics and consumer behavior While China and Japan dominate the Asian luxury goods landscape, other countries in the region are also making their mark. A survey conducted in 2024 revealed that respondents from the Philippines and Thailand mostly purchased luxury items two to three times a year, a similar shopping behavior to Chinese respondents. In most Southeast Asian countries, luxury clothing is the preferred category for most consumers, while **** of the Chinese respondents favor luxury cosmetics and skincare.

The Asia-Pacific (APAC) luxury goods market, valued at approximately $XX billion in 2025, is projected to experience robust growth, driven by a burgeoning middle class, rising disposable incomes, and a growing preference for high-end products. The market's Compound Annual Growth Rate (CAGR) of 3.3% from 2019-2033 indicates a steady upward trajectory, though growth may fluctuate year-to-year based on economic conditions and consumer sentiment. Key drivers include increasing urbanization, the influence of social media in showcasing luxury brands, and a desire for status symbols amongst young, affluent consumers. China, India, and Japan remain the primary growth engines within the APAC region, contributing significantly to the overall market size. However, other Southeast Asian nations are emerging as significant contributors, exhibiting faster growth rates than established markets. The segment analysis reveals strong growth in both luxury goods types (e.g., apparel, accessories, jewelry, watches) and applications (e.g., personal use, gifting). Competition is fierce, with established luxury brands like LVMH, Kering, and Richemont dominating the market share. However, the rise of digitally native luxury brands and the increasing importance of e-commerce are reshaping competitive dynamics. Successful strategies will involve a strong online presence, personalized customer experiences, and tapping into the unique cultural nuances of different APAC markets. Furthermore, sustainability initiatives and ethical sourcing are becoming crucial elements influencing consumer purchasing decisions, thus presenting both challenges and opportunities for brands.

Luxury Goods Market Outlook

The global luxury goods market size was valued at approximately $300 billion in 2023 and is projected to reach around $450 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.5% over the forecast period. The robust growth is driven by increasing consumer disposable income, rising demand for high-quality and exclusive products, and the expansion of online retail channels. Key growth factors include an increasing number of high-net-worth individuals, a rising preference for purchasing luxury goods online, and a growing focus on unique craftsmanship and heritage branding. Additionally, younger consumers and emerging markets are playing pivotal roles in reshaping the landscape of luxury goods consumption, offering new growth trajectories for the industry.

The growing global wealth and urbanization are significant drivers of the luxury goods market. High-net-worth individuals, particularly in emerging economies, have seen an increase in disposable incomes, allowing them to indulge in luxury products. This shift is not just restricted to traditional markets in Europe and North America but is also evident in the Asia Pacific and other developing regions. The demand for personalized and bespoke luxury items is also on the rise as consumers seek to express their individuality through unique products. Moreover, luxury brands are increasingly leveraging digital technologies to enhance customer experiences, offering personalized services and exclusive online collections, further fueling market growth.

Younger generations, particularly Millennials and Generation Z, are significantly influencing the luxury goods market. These consumers exhibit a strong preference for experiences over material possessions, driving luxury brands to innovate in providing immersive and experiential marketing strategies. They are tech-savvy and often make purchases through online platforms, prompting luxury brands to enhance their digital presence and e-commerce capabilities. Environmental sustainability is another key concern for these consumers, prompting luxury brands to adopt sustainable practices and transparent supply chains. As a result, brands are investing in eco-friendly materials and ethical sourcing to align with the values of younger consumers.

The regional outlook of the luxury goods market reveals that Asia Pacific is emerging as the fastest-growing region, driven by economic growth and rising consumer aspirations in countries like China and India. Europe continues to dominate as a traditional hub for luxury goods, home to many of the world's leading luxury brands and fashion capitals like Paris and Milan. North America is witnessing steady growth, with a strong demand for luxury products, especially in major cities such as New York and Los Angeles. The Middle East, with its affluent consumer base, also presents significant opportunities, as luxury brands expand their presence to cater to local tastes and preferences. This regional diversity indicates a dynamic market landscape, with each region contributing uniquely to the overall growth of the luxury goods sector.

Product Type Analysis

The luxury goods market can be segmented by product type into watches and jewelry, apparel and leather goods, cosmetics and fragrances, wines and spirits, and others. Watches and jewelry have long been a cornerstone of the luxury market, with iconic brands like Rolex and Cartier leading the charge. These items are often seen as investments, with their timeless appeal and intrinsic value. The demand for high-end watches and jewelry is particularly strong in Asia and the Middle East, where consumers have a cultural affinity for gold and gemstones. In recent years, there has been a resurgence in the popularity of vintage and pre-owned luxury watches, attracting collectors and enthusiasts worldwide.

Apparel and leather goods represent another significant segment, encompassing high-fashion clothing, handbags, and accessories. Brands such as Louis Vuitton, Gucci, and Hermès dominate this space, known for their exquisite craftsmanship and exclusive designs. This segment benefits from constant innovation and seasonal collections that keep consumers engaged. The emergence of 'athleisure' trends has also influenced luxury fashion, with brands incorporating sporty elements into their designs. Additionally, collaborations with celebrities and influencers have become strategic marketing tools to reach broader audiences and drive sales in this segment.

Cosmetics and fragrances form a dynamic and rapidly evolving segment within the luxury goods market. Th

From the selected regions, the ranking by revenue in the 'Luxury Leather Goods' segment of the luxury goods market is led by China with **** billion U.S. dollars and is followed by Japan (5.3 billion U.S. dollars). In contrast, the ranking is trailed by Pakistan with ****** million U.S. dollars, recording a difference of **** billion U.S. dollars to China. Find other insights concerning similar markets and segments, such as a ranking by country regarding revenue in the prestige cosmetics & fragrances segment of the luxury goods market and a ranking of subsegments in Worldwide regarding revenue in the Luxury Goods market as a whole. The Statista Market Insights cover a broad range of additional markets.

The Luxury Goods Market Report is Segmented by Product Type (Clothing and Apparel, Footwear, and More), End User (Men, Women, and Unisex), Distribution Channel (Single Brand Stores, Multi Brand Stores, and More) and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Value (USD).

Luxury Goods Market Outlook

According to our latest research, the luxury goods market size reached a significant milestone in 2024, recording a global value of USD 352.8 billion. The industry demonstrated a robust growth trajectory, achieving a CAGR of 5.8% from the previous year. Key growth factors include rising disposable incomes, expanding consumer bases in emerging economies, and a surge in digital transformation across retail channels. Looking ahead, the luxury goods market is forecasted to reach USD 595.7 billion by 2033, maintaining its healthy growth momentum as affluent consumers and aspirational buyers drive demand for premium products and experiences.

The luxury goods market is experiencing remarkable growth due to a confluence of socio-economic and cultural factors. The expansion of the global middle class, especially in emerging markets such as China, India, and Southeast Asia, has significantly broadened the consumer base for luxury products. These consumers are increasingly seeking products that signify status, exclusivity, and superior craftsmanship. Furthermore, the proliferation of social media and influencer marketing has amplified the aspirational appeal of luxury brands, making them more accessible and desirable to younger demographics. The digital evolution has also enabled luxury brands to engage with consumers in innovative ways, offering personalized experiences and exclusive online releases that fuel demand and brand loyalty.

Another critical growth driver for the luxury goods market is the ongoing innovation in product offerings and retail experiences. Luxury brands are leveraging cutting-edge technologies such as augmented reality, artificial intelligence, and blockchain to enhance product authenticity, improve customer service, and streamline supply chains. The rise of sustainable luxury is also noteworthy, as environmentally conscious consumers demand ethically sourced materials and transparent production processes. Brands that commit to sustainability and social responsibility are not only attracting new customer segments but also reinforcing their reputations among traditional luxury buyers. The integration of these technological and ethical considerations is reshaping the competitive landscape, compelling both established players and new entrants to adapt rapidly.

Demographic shifts are further fueling the growth of the luxury goods market. Millennials and Generation Z, who are poised to become the largest luxury consumer groups in the coming decade, are driving a shift in brand values and purchase motivations. These younger consumers prioritize experiences, personalization, and digital engagement, prompting luxury brands to rethink their marketing and product development strategies. Additionally, the increasing participation of women in the workforce and their growing financial independence have boosted demand for luxury goods across product categories. The convergence of these demographic trends with rising global affluence and digital transformation is expected to sustain the luxury goods market’s upward trajectory through 2033.

From a regional perspective, Asia Pacific continues to lead the luxury goods market, accounting for a substantial share of global sales in 2024. China remains the single largest market, driven by a booming middle class, strong consumer confidence, and the repatriation of luxury spending due to travel restrictions and favorable government policies. North America and Europe also maintain significant market shares, supported by mature luxury consumer bases, high per capita incomes, and a rich heritage of luxury craftsmanship. Meanwhile, the Middle East and Latin America are emerging as promising growth regions, where increasing urbanization and a growing appetite for luxury lifestyles are creating new opportunities for brands. This dynamic regional landscape underscores the importance of localized strategies and cultural relevance for brands aiming to capture market share across diverse geographies.

Product Type Analysis

According to cognitive market research, the global Luxury Goods Market size was valued at USD xx billion in 2024 and is expected to reach USD xx billion at a CAGR of xx% during the forecast period.

North America held the largest share of the global Turbo Generator market around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Asia-Pacific accounted for a share of over XX% of the global market size of USD XX million.
Europe held a market share of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
The Latin American market is around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.

Market Dynamics of the Luxury Goods Market

Key Drivers of the Luxury Goods Market

Increasing the wealth of the population will help in market expansion.

Luxury goods are the primary product for the wealthy population and an increasing number of them led to the expansion of the market. There are 2,781 billionaires in the world, and according to the Hurun Global Rich List, china has the highest number of billionaires 814 in the world. To attract the Gen Z generation and millennials to luxury products businesses are tailoring their product offerings. For example, brands like Louis Vuitton have added customized options or the option of hand paints or adding a hot stamp to their bags. This attracts Gen Z and the wealthy population’s rising desire for high-end fashion goods. • For Instance, the report by ET BRAND EQUITY.com the billionaires' spending on luxury brands has increased as global financial wealth grew by 10.6% at the fastest rate as compared to the last decade, a hike of $26 trillion in wealth can be seen. Also Hermes International said that they have seen a growth of 24% excluding currency swings.

(Source:https://brandequity.economictimes.indiatimes.com/news/business-of-brands/the-worlds-rich-are-spending-on-luxury-goods-like-its-1999/95054360#:~:text=The%20immense%20growth%20in%20affluence,increasing%20demand%20for%20luxury%20goods.&text=Global%20financial%20wealth%20grew%2010,extra%20%2426%20trillion%20in%20wealth).

• For instance, according to the report consultancy.eu there will be a hike in the luxury goods market by 12% and the luxury goods market considering watches, jewelry, and fashion brands are expected to reach €570 billion by 2030, and the market of personal luxury personal care is expected to grow around 10-12%.

(Source:https://www.consultancy.eu/news/9073/global-luxury-goods-industry-could-grow-by-12-this-year).

Increasing awareness towards eco-friendly or sustainable products provides an opportunity for growth.

The global luxury brand is promoting the use of sustainable and eco-friendly raw material products instead of using animal-based products like leather, the luxury brands have started using plant-based leather like pineapple and other organic resources that can be used to make jackets, footwear, and handbags. Consumers are also demanding sustainable and eco-friendly products. Here are some brands that use vegan or plant-based leather for manufacturing luxury goods Stella McCartney, Gunas, Angela Roi, MATT & NAT, etc. Additionally, the brands also emphasize safe raw materials, less water consumption, and less electricity use throughout the supply chain. Some brands have also used the offer of high-end solar watches made from recycled material. • For instance, according to the article by Appnova, the demand for sustainability in luxury brands is increasing as per the report there are around 85% of millennials and the Generation Z population help to increase the sales of luxury brands. The study indicates that around 73% of millennials are looking forward to spending more on sustainable luxury products.

(Source:https://www.appnova.com/sustainability-in-luxury-fashion-top-brands-and-their-sustainable-practices/).

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From the selected regions, the ranking by revenue in the 'Luxury Fashion' segment of the luxury goods market is led by China with ** billion U.S. dollars and is followed by Japan (*** billion U.S. dollars). In contrast, the ranking is trailed by Pakistan with ****** million U.S. dollars, recording a difference of **** billion U.S. dollars to China. Find other insights concerning similar markets and segments, such as a ranking by country regarding revenue in the prestige cosmetics & fragrances segment of the luxury goods market and a ranking by country regarding revenue in the luxury leather goods segment of the luxury goods market. The Statista Market Insights cover a broad range of additional markets.

Consumer Luxury Goods Market Outlook

As of 2023, the global market size for consumer luxury goods is estimated to be approximately $350 billion. With a compound annual growth rate (CAGR) of 6% from 2024 to 2032, the market is projected to reach $550 billion by 2032. The anticipated growth is driven by rising disposable incomes, the development of global retail channels, and an increasing inclination towards exclusive and premium products among consumers worldwide.

The growth of the consumer luxury goods market is heavily influenced by the escalating disposable incomes in emerging economies. As countries like China, India, and Brazil witness rapid economic development, their middle and upper-middle-class populations are expanding. These demographic segments have a growing appetite for luxury goods, driven by a combination of increasing wealth and a desire for social status. The aspirational aspect of luxury goods, coupled with the growing influence of Western lifestyles and fashion trends, further propels market growth in these regions.

The proliferation of digital platforms and e-commerce has also significantly contributed to the market's expansion. Online channels have democratized access to luxury goods, making them available to consumers in remote and previously untapped markets. Internet penetration and smartphone usage have surged globally, enabling consumers to explore and purchase high-end products from the comfort of their homes. Luxury brands are increasingly investing in enhancing their digital presence, through virtual showrooms and personalized online shopping experiences, thereby broadening their customer base and driving sales.

Another pivotal factor bolstering market growth is the shifting consumer preference towards experiences over material possessions. Millennials and Generation Z, in particular, are veering towards experiential luxury, which includes high-end travel, fine dining, and bespoke services. This trend has compelled luxury brands to diversify their offerings and focus on creating unique, memorable experiences for their customers. Consequently, brands are not only selling products but also curating immersive brand experiences that foster customer loyalty and engagement.

Luxury Item Retail Websites have become pivotal in shaping the modern luxury goods market. These platforms offer an unparalleled level of convenience and accessibility, allowing consumers to explore and purchase luxury items from anywhere in the world. The rise of these websites has not only expanded the reach of luxury brands but also provided a platform for smaller, niche brands to gain visibility. With features like virtual try-ons, personalized recommendations, and exclusive online collections, luxury item retail websites are redefining the shopping experience. They cater to a tech-savvy audience that values both the prestige of luxury goods and the ease of online shopping. As a result, these websites are playing a crucial role in driving sales and enhancing brand loyalty in the digital age.

Regionally, North America and Europe continue to dominate the consumer luxury goods market, owing to their established economies and high levels of disposable income. However, the Asia Pacific region is emerging as a significant growth driver, with China and India at the forefront. The increasing affluence in these countries, combined with a burgeoning young population and rising brand consciousness, presents lucrative opportunities for luxury brands. Meanwhile, the Middle East and Africa, though smaller in market size, are showing promising growth trajectories due to the rising number of high-net-worth individuals and the popularity of luxury tourism in the region.

Product Type Analysis

The consumer luxury goods market is segmented into various product types including apparel, accessories, watches and jewelry, cosmetics and fragrances, wines and spirits, and others. Apparel holds a significant share in the market, driven by the perpetual demand for high-quality, fashionable clothing. Leading brands such as Gucci, Louis Vuitton, and Chanel dominate this segment, continually setting trends and catering to the elite's sartorial preferences. The emphasis on craftsmanship, exclusivity, and brand heritage plays a crucial role in sustaining the allure of luxury apparel among affluent consumers.

Accessories, encompassing items such as handbags, shoes, and small leather goods, represent another lucrative segment

The hard luxury goods market, encompassing high-end watches, jewelry, and other accessories, is a lucrative sector characterized by consistent growth and significant regional variations. While precise figures for 2019-2024 are unavailable, the provided data indicates a 2016 market size of $8 billion and a CAGR of 4.1%. Extrapolating this growth, we can estimate a 2025 market size of approximately $11.5 billion, reflecting consistent demand for prestigious brands and enduring appeal among high-net-worth individuals. Key drivers include increasing disposable incomes in emerging markets, a growing appreciation for craftsmanship and heritage, and the strong performance of e-commerce channels offering curated luxury experiences. Trends suggest a shift towards personalized luxury, with bespoke designs and experiences gaining traction, and a rising focus on sustainability and ethical sourcing within the industry. Potential restraints include economic downturns affecting discretionary spending, geopolitical instability, and concerns regarding counterfeit products. The market's segmentation reveals a multi-channel distribution landscape, with online stores demonstrating robust growth alongside traditional monobrand and department stores, further amplified by effective digital marketing and personalization strategies. The dominance of established luxury conglomerates like LVMH and Richemont highlights the sector’s concentrated nature, although smaller, specialized brands continue to carve out niches through innovative designs and targeted marketing. The future outlook for the hard luxury goods market remains positive, driven by continued growth in Asia Pacific and sustained demand in North America and Europe. While challenges remain, the industry’s focus on innovation, brand building, and strategic expansion into new markets suggests a continued upward trajectory, with significant potential for growth within the next decade. The rise of experiential luxury and the integration of technology will play crucial roles in shaping the market's evolution. Growth projections from 2025 to 2033 are contingent upon several factors, including global economic stability and the successful navigation of industry-specific challenges, such as counterfeiting and maintaining brand integrity.

The global luxury goods market, valued at $243.68 billion in 2025, is projected to experience robust growth, exhibiting a compound annual growth rate (CAGR) of 4.0% from 2025 to 2033. This growth is fueled by several key factors. Rising disposable incomes in emerging markets, particularly in Asia-Pacific, are driving increased demand for high-end products. A growing affluent middle class with a penchant for luxury brands further contributes to this expansion. Moreover, the increasing popularity of luxury experiences, such as personalized services and exclusive events, enhances brand loyalty and drives sales. The shift towards online luxury retail, catering to a digitally savvy consumer base, also presents significant opportunities for growth. However, economic downturns and geopolitical instability could pose challenges, impacting consumer spending on non-essential luxury goods. Competition amongst established luxury houses remains fierce, necessitating continuous innovation and brand differentiation to maintain a competitive edge. The market's segmentation is largely driven by product category (apparel, accessories, jewelry, watches, cosmetics, and fragrances), with each segment experiencing varying growth trajectories. Key players like LVMH, Kering, Richemont, and Rolex dominate the market, leveraging their established brand equity and extensive distribution networks. However, the emergence of new, digitally native luxury brands presents a challenge to established players. These new brands often have a stronger direct-to-consumer strategy and a more agile approach to market trends, potentially disrupting traditional market dynamics. Regional variations in market growth are anticipated, with Asia-Pacific expected to lead, followed by North America and Europe. Maintaining brand authenticity and sustainability practices are becoming increasingly important factors for attracting and retaining environmentally conscious luxury consumers.

From April 2024 to February 2025, the year-on-year (YoY) growth in e-commerce sales of luxury goods fluctuated in the Asia-Pacific region. The YoY growth reached its lowest point of negative ** percent in July 2024. In August 2024, it had climbed to ** percent. However, in February 2025, luxury online goods sales stood at negative ** percent.