The global luxury goods market is projected to reach USD1.5 trillion in 2025, demonstrating continued resilience and steady growth despite ongoing economic and geopolitical challenges. The industry’s evolution is marked by strong performance in several categories, with luxury hotels, luxury spirits, and fine wines leading absolute growth forecasts through 2030. Premium and luxury cars and luxury timepieces also show robust expansion.
A significant trend is the rise of experiential luxury, forecasted to grow by 27% over the next five years, reflecting a shift in consumer preferences from products to experiences. The Asia Pacific region is set to become increasingly influential, expected to account for 41% of all luxury sales by 2030.
Overall, the outlook for luxury goods remains positive, with opportunities driven by innovation; the expansion of experiential offerings; demographic shifts, and wealth expansion, particularly in the emerging markets. Stakeholders should note the strategic importance of adapting to changing consumer values and the growing dominance of Asia Pacific in shaping future market dynamics.