Luxury goods in 2024: The big picture
In 2024, retail value sales of luxury goods in Taiwan increased by 8% in current terms, reaching TWD 596 billion. Despite inflationary pressures, affluent consumers continued to invest in luxury experiences and high-end products, focusing on limited edition, customisable, and exclusive items.
2024 key trends
In 2024, luxury brands continued to focus on unique aspects to maintain a luxury appeal. Players implemented strategies such as limited-edition items, brand collaborations, and exclusive product releases, catering to wealthier consumers and fuelling demand while creating a sense of prestige around luxury products.
Competitive landscape
In 2024, the luxury goods landscape in Taiwan remained fiercely competitive. There was a rising demand for affordable luxury options and an increased focus on sustainability.
Retailing developments
Digital is increasingly impacting consumer behaviours in the luxury shopping landscape. In 2024, players continued to invest in their online presence, leading physical retailers to create strategies to make in-store shopping more attractive.
What next for luxury goods?
The outlook for luxury goods in Taiwan is positive, with sales increasing at a CAGR of 5% in current value terms over the forecast period to total TWD740 billion in 2023. The largest category across the forecast period will be personal luxury, valued at an estimated TWD360.
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Overview:
Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Experiential Luxury
- Luxury Hotels
- Fine Wines/Champagne
- Premium and Luxury Cars
- Personal Luxury
- Designer Apparel and Footwear
- Luxury Eyewear
- Luxury Jewellery
- Luxury Leather Goods
- Luxury Portable Consumer Electronics
- Luxury Timepieces
- Luxury Writing Instruments and Stationery
- Super Premium Beauty and Personal Care
If you're in the Luxury Goods industry in Taiwan, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Luxury Goods in Taiwan report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Luxury Goods in Taiwan?
- Which are the leading brands in Luxury Goods in Taiwan?
- How are products distributed in Luxury Goods in Taiwan?
- How important is tourism in evaluating demand for Luxury Goods in Taiwan?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Luxury Goods in Taiwan
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Experiential Luxury in Taiwan
KEY DATA FINDINGS
Current retail value sales rise as year-on-year spending improves
Luxury hotels record a strong value increase, boosted by rising tourism
Formosa International Hotels Corp retains the lead while players focus on expanding
Luxury hotels record ongoing growth driven by climbing rates of tourism
New luxury hotels open their doors in response to heightened demand
Hotels focus on sustainability to align with consumer values and demands
Fine Wines/Champagne and Spirits in Taiwan
KEY DATA FINDINGS
Fine wines/champagne and spirits record rising current retail value sales in 2024
Moët-Hennessy Taiwan leads fine wines/champagne and spirits
Premiumisation and limited-edition products engage wealthier consumers
Value sales rise while players focus on engaging consumers through e-commerce
Luxury whiskies showcase a strong performance as their appeal widens
The increasing popularity of cocktails offers growth potential for luxury spirit brands
Premium and Luxury Cars in Taiwan
KEY DATA FINDINGS
Sales benefit from growing levels of high-net-worth individuals in Taiwan
Toyota Motor Corp takes the lead of the premium and luxury car landscape
New launches from premium players drive growth on the luxury car landscape
Car showrooms focus on exclusive, high-quality consumer service to drive sales
Electric vehicles continue to launch, supported by government initiatives
Personalisation and customisation add value to the premium and luxury car landscape
Personal Luxury in Taiwan
KEY DATA FINDINGS
The quality-over-quantity approach benefits sales of designer apparel and footwear (ready-to-wear)
Technological features and augmented reality support sales of luxury eyewear
Luxury jewellery sales supported by events hosted in Taiwan, attracting prestigious clients
Luxury leather goods allow consumers to customise purchases to provide a unique product
Luxury wearables focus on advanced technology and personalisation to boost sales
Luxury timepieces offer high-end luxury and craftsmanship to retain ongoing appeal
Consumers personalise luxury writing instruments and stationery for a unique touch
Fashion houses expand into super premium beauty and personal care
Luxury leather goods and timepieces support value growth over the forecast period
Technological advancements supports value sales on the personal luxury landscape
The rise in sustainable and ethical manufacturing across luxury brands
The following categories and subcategories are included:
Luxury Goods
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- Luxury Foodservice
- Luxury Hotels
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- Fine Champagne
- Other Fine Wine
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- Luxury Brandy and Cognac
- Luxury Whiskies
- Other Luxury Spirits
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- Premium and Luxury Cars
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- Men's Designer Apparel
- Women's Designer Apparel
- Designer Childrenswear
- Designer Clothing Accessories and Hosiery
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- Children's Designer Footwear
- Men's Designer Footwear
- Women's Designer Footwear
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- Luxury Spectacle Frames
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- Men's Luxury Sun Glasses
- Women's Luxury Sun Glasses
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- Luxury Costume Jewellery
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- Men's Luxury Fine Jewellery
- Women's Luxury Fine Jewellery
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- Men's Luxury Bags and Small Leather Goods
- Women's Luxury Bags and Small Leather Goods
- Luxury Travel Goods
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- Luxury Wearables Electronics
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- Men's Luxury Timepieces
- Women's Luxury Timepieces
- Luxury Writing Instruments and Stationery
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- Super Premium Colour Cosmetics
- Super Premium Fragrances
- Super Premium Skin Care
- Other Super Premium Beauty and Personal Care
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See all of our definitionsWhy buy this report?
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- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Luxury Goods research and analysis database.
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