Value of the personal luxury goods market worldwide in 2020, by region
This statistic shows the value of the personal luxury goods market worldwide in 2020, by region. In 2020, the European personal luxury goods market valued 57 billion euros.
Luxury Goods
The global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags, has been on an upward climb for many years. Although the technical term 'luxury good' is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. Luxury goods manufacturers meet consumer demand by focusing on brand, aesthetics, quality materials, superior craftsmanship and pricing to transform everyday objects into status symbols. The industry rises and falls with the gross domestic product (GDP), seeing demand climb in times of economic stability and plummeting in unfavorable economic climates.
As of 2020, LVMH (Louis Vuitton Moet Hennessy) was the most valuable luxury brand in the world, with a brand value of about 31.72 billion U.S. dollars.
Luxury Goods
The global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags, has been on an upward climb for many years. Although the technical term 'luxury good' is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. Luxury goods manufacturers meet consumer demand by focusing on brand, aesthetics, quality materials, superior craftsmanship and pricing to transform everyday objects into status symbols. The industry rises and falls with the gross domestic product (GDP), seeing demand climb in times of economic stability and plummeting in unfavorable economic climates.
As of 2020, LVMH (Louis Vuitton Moet Hennessy) was the most valuable luxury brand in the world, with a brand value of about 31.72 billion U.S. dollars.
