In 2024, China was estimated to account for approximately ** percent of the personal luxury market worldwide. China's market experienced a significant decline compared to the previous year.

Around 22 percent of Chinese consumers aged between 25 and 34 planned to spend more on luxury goods in the coming year, according to a survey conducted in October 2024. Due to economic uncertainty, fewer consumers intended to spend money on luxury goods.

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APAC Luxury Goods Market Forecast 2024-2028

The APAC luxury goods market size is estimated to grow by USD 22.82 billion between 2023 and 2028
The market is accelerating at a compound annual growth rate of 3.3%.

The market trends and analysis report covers an in-depth analysis of market growth factors like increased demand for premium products, the expansion in online retailing of luxury goods, and the rising disposable income of consumers in APAC.

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Market Segmentation

By Distribution Channel Analysis

The offline segment will account for a major share of the market's growth during the forecast period. The revenue in this segment has been declining gradually over the years due to the increasing preference for online shopping. To fuel sales of luxury goods through offline channels, companies are expanding their stores in local and regional markets. To survive in such a competitive market and to overcome the declining preference for offline shopping, retailers are introducing new business and retail strategies, such as better pricing strategies and a wide range of products. The offline segment was valued at USD 94.27 billion in 2018. The huge growth in the number of retailers in different regions will drive customer familiarization with different types of footwear, purses, belts, and many other things. It will also increase the value of sales in the market. Although the offline segment is losing its market share to the online segment, innovative marketing strategies by companies will keep the growth rate of the offline segment stable during the forecast period.

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By Product Analysis

The market is segmented by product into clothing, perfumes and cosmetics, watches and jewelry, and others. The clothing segment will account for the largest share of this segment.?

Key Major Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.

Burberry Group Plc: The company offers luxury goods such as men's and women's apparel, children's wear, beauty products, sunglasses, watches, leather goods, handbags, and beauty products.

The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Bang and Olufsen Group, Capri Holdings Ltd., Cartier SA, Chanel Ltd., Compagnie Financiere Richemont SA, Dolce and Gabbana SRL, Gianni Versace Srl, Giorgio Armani S.p.A., Hermes International SA, JOHN HARDY USA Inc., Kering SA, LVMH Moet Hennessy Louis Vuitton SE, MCM Products USA Inc., Prada S.p.A, Ralph Lauren Corp., Rolex SA, S.T. Dupont SA, Swarovski AG, and The Swatch Group Ltd.

Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamic

Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Drivers

Increased demand for premium products is the key factor driving the market. Premium products often offer a combination of tangible and intangible value. The perceived value of owning a well-crafted, exclusive item or experiencing a premium service contributes to the demand for such products and services. APAC includes economically dynamic countries such as China, Japan, Australia, and South Korea. For instance, China stands out as one of the most economically dynamic countries in the APAC region. With a massive and rapidly growing middle class, China has become a major market for premium and luxury products. Similarly, South Korea has witnessed remarkable economic growth over the years, and consumers in the country have developed a strong appetite for premium and luxury goods. Seoul, the capital, is known for its vibrant fashion scene and luxury shopping districts and has a consumer base that values high-quality products.

Moreover, premium products often incorporate cutting-edge design and innovative technologies. Whether it is fashion, electronics, or automobiles, consumers are drawn to products that showcase the latest trends and embody a s

When it comes to influencer marketing for luxury brands, Xiaohongshu (rednote) is one of the essential online platforms in China. Among the four most popular social networking sites in 2024, the Chinese Instagram-like platform accounted for nearly ** percent of collaborations between personal luxury brands and key opinion leaders (KOLs) in China. Nonetheless, more high-end advertisers are shifting their focus to the short video giant Douyin — a **** percent increase compared to the previous year, whereas Xiaohongshu saw a noticeable ** percent decline.

The RIWI Alpha datastreams leverage RIWI's Random Domain Intercept technology to safely and anonymously reach Chinese citizens to survey their opinions.

RIWI’s patented Web Intercept technology is able to gather data from respondents online in all Chinese provinces, including those in rural and hard-to-reach areas, providing investors and decision makers with far more representative data samples.

Unlike social app sentiment, web scraping, transactional and other forms of alternative data, RIWI’s sentiment-based indicators provide a more accurate measure of consumer preferences, outlook and purchase intent. RIWI engages a unique subset of the web-using population that is diverse, unincentivized and inaccessible to legacy data collection methods.

Asset managers and analysts monitoring the globally influential Chinese sector with access to RIWI Alpha’s reliable and high-frequency data make the right calls, earlier. RIWI Alpha datastreams offer investors an edge on predicting time-sensitive market performance of Electric Vehicle and Luxury Goods brands in China with our real-time trend tracking, providing accurate consumer demand data and purchase signals updated live in our secure interactive dashboard.

RIWI Alpha: China Electric Vehicle Market The RIWI Alpha Electric Vehicle (EV) datastream aggregates Chinese consumer sentiment data to provide early market indicators. The datastream uses high-frequency data to outline short and long-term trends shaping the automotive industry. With input from consumers across all Chinese provinces, investors and analysts monitoring the Chinese automotive sector with the datastream will have access to more complete and representative key performance metrics of brands within the EV market.

The datastream is accessible via RIWI’s real-time dashboard, allowing for in-the-moment insights as new products are released or the industry is impacted by new policies and factors. RIWI’s proprietary technology aggregates consumer and market data to generate trend scores, purchase signals, and consumer demand signals, providing our clients with easy-to-understand company sentiment scores necessary to navigate the fast-changing Electric Vehicle market in China.

RIWI Alpha: China Luxury Goods Market Without reliable and high-frequency data, investors and analysts monitoring the Chinese Luxury Goods sector will fall behind in tracking key performance metrics of brands within the Luxury Goods market. RIWI Alpha: China Luxury Goods Market provides you with accurate, real-time data on consumer demand and purchase signals for Luxury Goods through short and long term trend-tracking. RIWI’s proprietary technology aggregates consumer and market data to generate trend scores, providing our clients with easy-to-understand company evaluations necessary to navigate the fast-changing Luxury Goods market in China. We find the truth about what Chinese consumers really think, want and observe.

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Personal Luxury Goods Market Size 2025-2029

The personal luxury goods market size is forecast to increase by USD 39.3 billion at a CAGR of 2.4% between 2024 and 2029.

The market is experiencing significant growth, driven by several key trends. One of the primary factors fueling market expansion is the increased demand for premium beauty products and cosmetics. Consumers are increasingly seeking high-quality, luxurious items to enhance their appearance and self-image. Bags, purses, and other leather goods remain staples, offering both functionality and style. Another trend shaping the market is the integration of technology, with brands utilizing advanced technologies to enhance the customer experience and differentiate their offerings.
However, the market also faces challenges, including rising labor costs and fluctuating raw material prices, which can impact profitability. To remain competitive, players In the market must stay abreast of these trends and adapt to the changing market landscape. 

What will be the Personal Luxury Goods Market Size During the Forecast Period?

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The market encompasses a diverse range of premium products, including watches, jewelry, cosmetics, clothing, bags, and various other items. This market is characterized by its continuous evolution, driven by changing lifestyles, technology integration, and a rising consciousness towards sustainability. Consumers increasingly seek luxury experiences and status symbols that align with their values, leading to a growing demand for technology-embedded products. Premium watches and jewelry continue to be popular choices, with consumers drawn to their timeless appeal and craftsmanship. Cosmetics and clothing, too, have seen significant growth, as people prioritize self-care and personal expression.
The market is not limited to traditional luxury items, with an expanding range of offerings such as champagne trucks, crystal bathtubs, eco-friendly beds, and even high-end smartphones. The British auction house and luxury brands continue to shape the market with their innovative offerings. However, the market is not exclusive to high-income groups; there is a growing trend towards accessible luxury, with brands catering to a wider audience. In summary, the market is dynamic and diverse, driven by changing consumer preferences, technology integration, and a growing awareness of sustainability. It offers a wide range of premium products, from traditional items like watches and jewelry to more innovative offerings like eco-friendly beds and technology-embedded products.

How is this Personal Luxury Goods Industry segmented and which is the largest segment?

The personal luxury goods industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Distribution Channel

  Offline
  Online


Product

  Hard luxury
  Apparel
  Cosmetics and perfumes
  Accessories
  Others


Geography

  Europe

    Germany
    UK
    France


  North America

    Canada
    US


  APAC

    China
    India
    Japan


  Middle East and Africa



  South America

    Brazil

By Distribution Channel Insights

The offline segment is estimated to witness significant growth during the forecast period. Personal luxury goods, such as watches, jewelry, cosmetics, clothing, bags, and other premium items, are sold through various channels. Offline distribution includes specialty stores, including brand-owned and multi-brand outlets, apparel stores, fashion accessory stores, sports equipment stores, hypermarkets, supermarkets, and department stores. Revenues from this segment have been decreasing due to the growing trend of online shopping. To boost sales, companies are increasing their store presence in local and regional markets. Luxury brands sell their merchandise through both specialty stores and other retail formats, leading to heightened competition. Consumers from the low-income group are increasingly drawn to these items due to changing lifestyles, modern culture, and rising consciousness.

Marketing strategies, competitive advantages, and sales channels continue to evolve, with online luxury shopping gaining popularity among younger consumers. Eco-friendly products and sociopolitical issues are also influencing commercial policies. The market for personal luxury goods encompasses a wide range of items, from watches and jewelry to cosmetics, clothing, bags, and even eco-friendly beds and crystal bathtubs. Brands like OMEGA, Burberry, Reliance, and others cater to diverse target audiences. The market landscape is dynamic, with trends such as technology-embedded products and second-hand brand products gaining traction. Sales channels continue to evolve, with trucks and shopping malls emerging as in

According to Cognitive Market Research, The Global Affordable Luxury Fashion market size is USD XX billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030.

The demand for affordable luxury fashion is rising due to the numerous strategies adopted by key participants.
Demand for garments remains higher in the affordable luxury fashion market.
The retail category held the highest affordable luxury fashion market revenue share in 2023.
North American affordable luxury fashion will continue to lead, whereas the Asia Pacific affordable luxury fashion market will experience the most substantial growth until 2030.

Market Dynamics of the Affordable Luxury Fashion

Key drivers of the market

Internationalisation and Globalisation to Provide Viable Market Output

As the world becomes more connected, there is a growing demand for affordable luxury fashion products in emerging markets. Brands are expanding their reach and developing products that appeal to consumers in different regions. This trend is driven by factors such as rising incomes, changing consumer values, and increased access to information about fashion trends and styles.

For instance, in November 2019, LVMH announced its acquisition of Tiffany & Co. for $16.2 billion. The acquisition is expected to strengthen LVMH's position in the global luxury market and expand its portfolio of luxury brands.

(Source: www.lvmh.com/news-documents/press-releases/lvmh-completes-the-acquisition-of-tiffany-and-co/)

Demographic Changes and Increasing Demand for Affordable Luxury Products to Propel Market Growth

As the population ages, there is a growing demand for affordable luxury fashion products among older consumers. These consumers are looking for products that offer both style and comfort, and they are willing to pay more for high-quality items. At the same time, younger consumers are also becoming interested in affordable luxury fashion products, driven by factors such as social media influencers and a desire to stand out from the crowd. Additionally, consumers are increasingly looking for high-quality, fashionable products that are affordable. This demand is driven by factors such as rising disposable incomes, changing consumer values, and a desire for products that offer both quality and affordability. Consumers are willing to pay more for products that are well-made, stylish, and durable, and they are looking for brands that offer these qualities at a reasonable price point.

For instance, in 2020, PVH Corp., the parent company of Calvin Klein and Tommy Hilfiger, acquired the remaining 25% stake in the Tommy Hilfiger brand for $446 million. The acquisition is expected to give PVH Corp. greater control over the Tommy Hilfiger brand and strengthen its position in the global luxury market.

(Source: www.businesswire.com/news/home/20160413006154/en/PVH-Corp.-Completes-Acquisition-of-Its-Tommy-Hilfiger-China-Joint-Venture)

Key restraint of the market

Economic Downturns and Competition from Fast Fashion Brands to Restrict Market Growth

The Affordable Luxury Fashion market is a growing segment of the fashion industry, but it faces several key restraints. One of the most significant restraints is economic downturns, such as recessions or financial crises, which can significantly impact consumer spending on luxury goods. During these times, consumers are more likely to prioritise essential items over luxury purchases, leading to a decrease in sales for many brands. Another restraint is competition from fast fashion brands, which offer trendy clothing at a very low price point. This can make it difficult for Affordable Luxury Fashion brands to compete on price, as consumers who are looking for the latest fashion trends at an affordable price may choose fast fashion brands over affordable luxury fashion brands.

Rising inflation is restricting the demand for affordable luxury fashion 

As global inflation rises, its affecting disposable incomes across the globe, more and more consumers are turning away from luxury brands and towards more affordable fast fashion alternatives. From 2023 global inflation rates are averaging around 7 per cent in several developing countries and luxury fashion giant like LVMH reporting substantial increase in their prices. This has been hard on the consumers as rising inflation is causing price hikes around ...

China’s international luxury tourism was anticipated to have experienced a decline in revenue of approximately ** percent by the end of 2020, according to a Statista study published on the topic in March 2021. This Chinese tourism segment, however, has been expected to bounce almost entirely back in 2023 and 2024, where it is forecasted to climb to ** billion U.S. dollars. On the other hand, domestic luxury tourism in the Asian country was less impacted by the COVID-19 pandemic. Namely, this segment of China's tourism was projected to have generated *** billion U.S. dollars less in 2020 compared to 2019, but quickly thereafter begin bringing in growing revenues each consecutive year until at least 2024, when approximately *** billion U.S. dollars in revenue could be generated.

Revenue for the Residential Real Estate industry in China is expected to decrease at a CAGR of 9.8% over the five years through 2025. This trend includes an expected decrease of 9.6% in the current year.Since August 2020, the People's Bank of China and the China Banking and Insurance Regulatory Commission have proposed three debt indicators for real estate development and management companies through which the company's financial health can be rated. This new policy has exacerbated the company's debt pressure, making it unable to repay old debts by borrowing new debt. Some real estate companies faced a liquidity crisis.In 2022, the city's lockdown and laying-off caused by COVID-19 epidemic led to the pressure of delaying the delivery of houses. The industry's newly constructed and completed areas decreased significantly throughout the year. In addition, the epidemic has impacted sales in the industry, and some sales offices have been forced to close temporarily. In 2022, the residential sales area decreased by 26.8%, and the residential sales decreased by 31.2%.Industry revenue will recover at an annualized 0.7% over the five years through 2030. Over the next five years, the industry's drag on GDP will weaken, and industry growth will stabilize. However, high housing prices have become a major social problem in China. Under the measures on the principle that residential real estate is used for living, not speculation, the financial attributes of real estate will gradually weaken, and housing prices will tend to stabilize.

The global fashion accessories market, valued at approximately $XXX million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 12.30% from 2025 to 2033. This expansion is driven by several key factors. Firstly, the rising disposable incomes, particularly in emerging economies, are fueling increased consumer spending on luxury and high-quality fashion accessories. Secondly, the burgeoning e-commerce sector provides unparalleled convenience and access to a wider range of products, boosting market reach and sales. Further, evolving fashion trends and the increasing influence of social media on consumer preferences are driving demand for diverse and innovative accessories. The market is segmented by product type (footwear, apparel, wallets, handbags, watches, other products), end-user (men, women, kids/children, unisex), and distribution channel (offline, online). The online channel is experiencing particularly rapid growth, leveraging digital marketing strategies and omnichannel approaches. Key players like Giorgio Armani, LVMH, and Prada are leveraging their brand equity and innovative product designs to maintain market leadership. However, economic fluctuations and potential shifts in consumer preferences present challenges. Competition is intense, demanding continuous innovation and effective marketing strategies to succeed. The significant regional variations in market share reflect differing levels of economic development and consumer behavior. North America and Europe currently hold substantial shares, fueled by established luxury markets and strong consumer spending. However, the Asia-Pacific region, particularly China and India, is exhibiting impressive growth potential due to rising middle-class populations and increasing fashion consciousness. This dynamic landscape necessitates strategic regional expansion plans for companies seeking to capitalize on these opportunities. Future growth will depend on effective brand building, responsiveness to evolving trends, sustainable sourcing practices, and innovative marketing strategies that resonate with increasingly discerning consumers. The market is poised for significant evolution, particularly with the integration of technology and the rise of personalized experiences in both online and offline retail environments. Recent developments include: In October 2022, House of Titan launched its new women's handbag brand, IRTH. The company offers handbags for various occasions like night outs, weekend getaways, work days, etc. With this launch, the company aims to make a turnover of approximately Rs 1000 crores over the next five years., In September 2022, Hermès announced the opening of a new duplex store within the Union Square shopping mall in Ho Chi Minh City, Vietnam., In September 2022, Tommy Hilfiger X Richard Quinn introduced a new capsule collection designed in collaboration with celebrated designer Richard Quinn, entitled Tommy Hilfiger X Richard Quinn Fall 2022. Quinn's use of bold patterns and exaggerated silhouettes is combined with Hilfiger's iconic take on American classics, such as the varsity jacket, the 5-pocket jean, and the chino.. Notable trends are: Premiumization Driving the Fashion Accessories Market.

Aston Martin forecasts deeper losses due to US tariff quotas, weakness in key markets like China and North America, and broader economic headwinds, causing significant stock decline.

Luxury fashion house Versace has seen sharp gains from strategic celebrity endorsements in China. In May 2024, its WeChat official account expanded to over ** million monthly active users. Gucci landed at second spot among luxury fashion brands, with *** million monthly active users. The third placeholder, Dior, saw a considerable decline in its WeChat account popularity.

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The leather goods market is expected to grow at a CAGR of 4% during the forecast period. Increased spend on personal goods, drivers.2, and drivers.3 are some of the significant factors fueling leather goods market growth.

Increased spend on personal goods

The key factors that drive the growth of the global leather goods market are customer fashion-consciousness and rising spending on luxury goods. Customer awareness about the latest and unique designs of leather goods is rising due to increased spending power, evolving lifestyles, and the augmenting penetration of smartphones. Vendors are constantly introducing new designs and patterns, owing to intense competition and increasing customer demand because of rapid changes in the fashion industry. Customers prefer leather goods due to their durability and premium look. The increasing number of marketing campaigns as well as product and brand promotion activities also drive the growth of the global leather goods market. Vendors make significant investments to market and promote their products. They focus on customer engagement, the reinforcement of brand relevance, increasing brand awareness, and guiding customers to stores or shopping websites. Vendors use various methods to improve brand equity and promote their products. Direct marketing, which includes e-mail, print advertising, catalogs, and brochures; in-store events; celebrity endorsements; and mobile marketing are some strategies used by the vendors. They also use social media platforms, such as Facebook, Twitter, Pinterest for brand promotion. For instance, in January 2019, KERING, one of the key vendors, promoted its Gucci brand and products in the Spring Summer 2019 collection through Singin’ in the Rain, a Hollywood movie that featured a tote bag from the brand. Trade wars are also a challenge for the growth of the market. For instance, the Government of the US has imposed approximately a 25% tariff on the import of leather goods from China. China, in turn, has imposed a tariff between 5% and 25% on the export of hides, skins, and leather goods to the US. Such tariffs will increase the cost of production for vendors, which will affect their profit margins. However, they also create growth opportunities for leather exports from other Asian countries, especially countries such as India, Vietnam, and Indonesia. The wide availability of counterfeit leather goods affects the sales and pricing strategies of vendors, as it dilutes their market share and hampers their reputation. Furthermore, social organizations such as People for the Ethical Treatment of Animals (PETA) have been taking various initiatives against leather manufacturers and the use of leather by spreading awareness among people about the ill-treatment of animals and discouraging them from using leather goods. In September 2019, members of PETA protested during the London Fashion Week against the hazardous waste generated by the leather industry. The presence of stringent governmental regulations for the procurement of raw materials also affects the growth of the global leather goods market. Tanning companies must follow various regulations related to the production of leather, the disposal of waste, the use of chemicals, environmental protection, and recycling. These regulations and restrictions imposed on the leather industry increase the costs borne by vendors and hinder their production processes. In addition, the extent of the coronavirus outbreak, popularly named as COVID-19, was so huge that it was declared a pandemic by The World Health Organization. This pandemic is indeed a tragedy for humankind; nevertheless, it has a far-reaching impact on industries as well. As this pandemic continues to expand, both manufacturing, as well as the services side of various industries, are expected to realize the hit in terms of economic slowdown/gain. Some of the major industries that have been impacted by the COVID-19 outbreak are household durables; textiles, apparel, and luxury goods; and hotels, restaurants, and leisure facilities. The supply chain around the world has been disrupted due to the COVID-19 pandemic, owing to which the global leather goods market is facing immediate decline. Despite these challenges, the demand for leather goods is expected to increase, owing to emerging market trends. For instance, the demand for leather tanned from exotic animals, apart from traditional leather, to make leather goods has grown during the past five years. The increased demand for leather goods at airport retail stores is another trend that will drive the growth of the market during the forecast period. Globally, the number of passengers traveling by air is expected to increase every year. Travelers generally prefer purchasing luxury and premium products from the duty-free stores in airports, as such stores offer products at lower prices than local retail stores.

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Luxury SUV Market Size 2025-2029

The luxury SUV market size is forecast to increase by USD 38 billion, at a CAGR of 11.8% between 2024 and 2029.

The market is experiencing significant growth, driven by several key factors. One major trend is the increased preference for safety and comfort, which is leading consumers to invest in luxury SUVs. Another trend is the rapid development of luxury electric vehicles, as automakers respond to growing demand for sustainable transportation options.
Additionally, the declining exclusivity of luxury cars is making SUVs an increasingly attractive choice for consumers seeking a premium driving experience. These trends are shaping the future of the market and are expected to continue driving growth in the coming years.

What will be the Luxury SUV Market Size During the Forecast Period?

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The market continues to thrive in the global passenger vehicle industry, with consumers seeking vehicles that offer superior performance, comfort, and prestige. These road-going passenger automobiles cater to various application niches, including off-road adventures and urban commuting. Lightweight pickups and SUVs with seating capacity for seven or more passengers have gained popularity due to their versatility and spacious interiors. Four-wheel drive (4WD) models are particularly favored for their ability to handle diverse terrain, while two-wheel drive (2WD) variants offer better fuel efficiency for those primarily focused on city driving. However, market dynamics in the luxury SUV sector face challenges. Raw material shortages and shipping delays due to economic slowdowns can impact production and delivery schedules.
Automakers must navigate these obstacles while maintaining safety & security, CNG powertrains, and advanced features such as infotainment and connectivity systems. Battery models and driving range are increasingly important considerations for luxury SUV buyers. Consumers prioritize vehicles with long-lasting batteries and impressive driving ranges, reflecting the growing demand for electric and hybrid powertrains. Safety features remain a top priority, with exclusive features like adaptive cruise control, lane departure warnings, and automatic emergency braking becoming standard offerings. Prestige and consumer preferences continue to shape the luxury SUV landscape, with automakers investing in innovative designs and technologies to meet evolving market demands.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Individual
  Commercial


Type

  Mid-size luxury SUVs
  Full-size luxury SUVs


Geography

  North America

    Canada
    US


  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France


  South America



  Middle East and Africa

By Application Insights

The individual segment is estimated to witness significant growth during the forecast period.

The market caters to the demand for personal use vehicles that combine advanced features, premium materials, and high-performance capabilities. This segment includes compact and performance luxury SUVs. Compact luxury SUVs offer luxury at a more affordable price point. Performance luxury SUVs, on the other hand, prioritize high-performance driving with powerful engines, sport-tuned suspension systems, and other performance-enhancing features. Consumer preferences for luxury vehicles continue to shape market growth, with disposable incomes and emission standards influencing purchasing decisions. Environmental organizations' emphasis on reducing exhaust emissions has led to the increasing popularity of electric SUV luxury vehicles. Incentives and subsidies from governments further encourage the adoption of eco-friendly options. The market encompasses various sub-segments, with size, price, and performance being key differentiators.

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The individual segment was valued at USD 25.60 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 45% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in North America experiences significant growth due to the increasing number of high-net-worth individuals (HNWIs) in the region. These consumers seek vehicles with advanced technology, hig

 In 2017 as of November, around **** million units of high luxury vehicles in China were sold by the BMW group, including Mini.

Automobiles sales in China 

 The car industry had been an economic driver for years in China, mainly in terms of the Chinese economy. The sales of automotive had been increasing since many years, from around **** billion units in 2009 to **** million units in 2017. The industry’s growth rate had ranged from *** percent to almost ** percent in the last decade until the first decline began to affect the industry in 2018. Historically, most vehicles manufactured by Chinese manufacturers were for domestic use. In 2018, only around **** percent of passenger cars and commercial vehicles produced in China were for exporting.

Luxury vehicle sales in China 

 In terms of passenger car sales, Shanghai Volkswagen Automotive Co., the joint venture between German Volkswagen and Chinese SAIC Motor, ranked highest with over **** million units sold in 2017. The Sedan is the most popular model for passenger cars in China, where over **** million units were sold in just the first four months of 2019, followed by SUVs at almost ***** million units in the same period. In 2018, sales of high end luxury vehicles sales amounted to around **** million units, with almost all being foreign brands, particularly the German brands BMW, Mercedes-Benz and Audi.

In 2024, the retail sales of gold, silver, and jewelry in China amounted to approximately ****** billion yuan, indicating an about one percent decrease compared to the previous year. The gold market in ChinaGold has long been an indicator of wealth in China, as in many other countries. In addition to being the world's largest gold producer, China is also the world's major gold consumer. In 2022, over ************ metric tons of gold were sold in China, mainly as jewelry. That year, China's gold jewelry demand totaled approximately *** metric tons, slightly lower than India's, which was second with *** metric tons.Jewelry consumers in ChinaThe jewelry industry in China has experienced exponential growth in the last decade, and it is expected to grow even further in the next five years. China's jewelry market is primarily driven by young people between 25 and 34 years old, representing more than half of China's jewelry consumer population. Today, gifting and weddings are no longer the most common occasion for Chinese consumers to purchase jewelry. In fact, a Statista survey suggested that more than half of respondents bought jewelry as self-reward.

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Gems and Jewelry Market Size 2024-2028

The gems and jewelry market size is estimated to grow USD 172.6 billion, at a CAGR of 8.62% between 2023 and 2028.

The market growth is driven by escalating demand for wedding jewelry, particularly in nations like India, where cultural significance is profound and the jewelry market is thriving. Bridal collections, encompassing necklaces, wedding bands, and engagement rings, and bridal wear are coveted globally for their elegance and symbolism. The rings segment in particular holds a substantial share in the market. India's growing middle-class populace and heightened disposable income propel amplified investments in bridal assortments, establishing it as a pivotal market within the global gems and jewelry landscape.
The gems and jewelry market is experiencing growth driven by sustainability and ethical sourcing trends, with lab-grown diamonds gaining popularity. Customization and personalization are increasingly important in the industry, reflecting consumer demand. The online jewelry retail growth supports this trend, while the luxury jewelry market continues to expand. Additionally, the resurgence of gold jewelry and emerging gems and jewelry trends are shaping the future of the market, as highlighted in recent growth analysis reports.

What will be the Gems and Jewelry Market Size During the Forecast Period?

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How is the Gems and Jewelry Market Segmented?

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

Distribution Channel Outlook 

  Offline
  Online


Type Outlook 

  Gold
  Platinum
  Silver
  Diamond
  Gemstones


Region Outlook 

  North America

    The U.S.
    Canada





  Europe

    The U.K.
    Germany
    France
    Rest of Europe





  APAC

    China
    India


  South America

    Chile
    Argentina
    Brazil





  Middle East & Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East & Africa

By Distribution Channel

The market share growth by the offline segment will be significant during the forecast period. The revenue of the offline distribution channel comes from the sales of products through speciality stores (including exclusive brand stores, multi-brand stores, and premium fashion stores); hypermarkets, supermarkets, and clubhouse stores; and department stores. Over the years, the revenue of the offline distribution channel has witnessed a gradual decline due to the shift in consumer preference toward online jewelry. To fuel sales through offline channels, players are managing their sales through store expansions in the local and regional markets, which will increase the growth of the segment during the forecast period.

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The offline segment was valued at USD 166.90 billion in 2018 and continued to grow by 2022. In this segment, companies are also accelerating their offline sales by widening their store operations at different geographic locations. This helped the company generate and sell products efficiently and cater to every consumer category in large geographic areas. This not only raises the sales of jewelry products but also fuels the sales of the market. The huge growth in retail channels in different cities and regions will drive customer familiarization with different types of gems and jewelry. It will also increase the value sales of the market during the forecast period. Although the offline distribution channel is losing its market and popularity to the online channel, extensive and innovative marketing will drive sales through the channel at a steady rate.

Regional Analysis

APAC is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, the market in APAC was the largest segment of the market and is expected to grow at a significant rate as compared to other regions. The growth of the market in APAC is attributable to the rising economic growth, expanding middle-class population base, and a growing number of players operating in the region. The key leading countries in the region are China, India, and Japan. The strong contribution from China and India to the market was majorly due to the great demand (especially those that are made of gold). Such factors will stimulate gems and jewelry market growth during the forecast period.

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Countries such as India, China, Australia, Malaysia, and Japan were severely

As of 2021, the market share of own-design passenger cars in China was **** percent, an increase of *** percent compared to 2020. However, the market share of mainstream Chinese joint ventures declined by nearly *** percent to **** percent that year. Luxury brands had a **** percent market share in 2021.

The hotel industry in China faced a significant setback resulting from the coronavirus outbreak. In the first half of 2020, the average occupancy rates of luxury hotels in Beijing dropped by **** percent compared to the previous year, while the RevPAR decreased by **** percent. High-end hotels in Sanya, a popular tropical vacation spot among high-end travelers, experienced only a *** percent loss of average room price compared to the previous year. Hotel business in the pandemic2020 has proven to be a gloomy year for hotel operators. The pandemic outbreak caused most Chinese New Year travel and tourism to be cancelled, a market generating more than half a trillion yuan in revenue each year. Due to the nationwide lockdowns and travel restrictions, hotels in China recorded a decrease in occupancy rates of nearly ** percent in February 2020.

In the financial year 2025, the annual revenue of Chow Tai Fook amounted to about **** billion Hong Kong dollars. This indicated a decrease compared to the previous year.China’s largest jewelry companyChina’s jewelry market is relatively diverse, with the ten largest players only taking up less than a quarter of the market. Nevertheless, Chow Tai Fook, the Hong Kong-based jeweler founded in the 1920s, made up **** percent of the country’s jewelry sales alone. In 2021, with an estimated sales value of over *********** euros, Chow Tai Fook overtook Hermès and Tiffany to become the fifth-largest luxury company worldwide. Chow Tai Fook in mainland ChinaThe mainland Chinese market continued to be the biggest revenue contributor for Chow Tai Fook in 2024, making up more than ********** of its revenue that year. However. Chow Tai Fook has closed hundreds of points of sales in mainland China. As of March 2025, the company had only ***** outlets there.