[250 Pages Report] The ASEAN Hard Luxury Goods Market is likely to hold the global market at a moderate CAGR of ~10.5% during the forecast period. The global market holds a forecasted revenue of ~US$ 96.4 Billion in 2022 and is likely to cross ~US$ 261.71 Billion by the end of 2032.
The ASEAN Hard Luxury market is anticipated to show promising growth prospects during the forecast period, expanding the ASEAN Hard Luxury Goods market size.
| Attribute | Details |
|---|---|
| The ASEAN Hard Luxury Goods Market Estimated Size (2021) | ~US$ 95.2 Billion |
| The ASEAN Hard Luxury Goods Estimated Size (2022) | ~US$ 96.4 Billion |
| The ASEAN Hard Luxury Goods Projected Size (2032) | ~US$ 261.71 Billion |
| The ASEAN Hard Luxury Goods CAGR (2022 to 2032) | ~10.5% |
Luxury products are exclusively for the individuals belonging to ‘Premium’ class of the society. These people have multiple income sources and thus can afford luxurious lifestyle. The luxury goods comprise accessories, footwear, apparel, watches, bags, electronics and many more. These luxury goods can be again segmented into ‘soft luxury goods’ and ‘hard luxury goods’, depending upon their use in daily life.
The hard luxury goods are pretty delicate and expensive and these products are like jewellery, furniture, appliances, premium watches, etc. and soft luxury is mostly referred to apparel products. The soft luxury products are available in stores, supermarkets, online stores and speciality shops too. Hard luxury products are not sold on online stores as much as soft luxury products, they are considered valuable and hence are sold at speciality stores and retailers. Some brands also have dedicated websites for online sales of these luxury products.
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Hard luxury items are in high demand worldwide, with yearly growth rates of ~ 10% to ~11%. In terms of market share for hard luxury items, North America and Europe dominate the Hard Luxury Goods market. The expansion of emerging markets in Asia-Pacific has been aided by rising middle-class disposable income and rising accessory demand. In comparison to other regions, it is anticipated to experience the quickest CAGR increase. China is anticipated to be the most profitable market in the Asia Pacific region, followed by Japan. India is anticipated to experience significant growth during the anticipated period, with a CAGR of just under single digit.
Singapore is anticipated to be the most dominant market in the ASEAN region. The new jewellery brands that have entered the market and the increasing sales of timepieces are contributing to Singapore's growing demand for hard luxury items. Rapid urbanisation, increasing income and trending luxurious products in Thailand and Malaysia are expected to increase the customer base and make these countries the leading contributors to the revenue of the ASEAN region's hard luxury goods market, followed by Indonesia and the Philippines.
The main factors that can have bad influence on the hard luxury goods market in ASEAN countries are as follows-
Lack of distribution channel: there are several countries which are not developed and do not have access to continuous and effective distribution channel for goods across different areas within the country. This is a big challenge for brands to overcome, as luxury products are not produced in bulk and often get out of stock. At such times, safe and fast distribution of products is necessary, but it does not guarantee safety. This is one reason that sales are lower in these countries in comparison to developed ones.
Mind-set of customers: as many countries in ASEAN region are considered developing countries, there are very few individuals who purchase luxurious goods. The emerging consumers for these products are middleclass people, who are starting to show interest in some of these products. Still, middle class individuals consider luxurious products as ‘unnecessarily expensive’ and ‘premium-class products’, reconsidering purchase to avoid the expenses and go for cheaper alternatives.
Principal Consultant
There are several Chinese customers who love spending their fortune on luxury. The luxury products market is on the rise in China, as consumers are preferring to spend about twice as money on luxury than they spend abroad. Furthermore, along with wealthy Chinese households, middleclass families are also starting to purchase luxurious goods. The middle class people are getting attracted to these luxurious products to socially announce their improving financial status and to differentiate themselves from others. Middle class families with ~3000-4000 USD income are starting to purchase products as appliances and electronics and accessories and use them regularly to become a part of ‘high-class’ community.
Such increasing demands of Chinese population is attracting many luxury brands towards them, and these brands are also ready to take this opportunity and cash in the Chinese market.
Singapore is the third-highest consumer of luxury goods in the world, spending more than Qatar and Luxembourg combined. The nation holds a dominant position in accessing the rest of the APAC market and has the highest per capita value of high-net-worth individuals in the entire world. Singapore is a popular destination for tourists from across the world as well as weekend visitors from nearby nations like China, Indonesia, and Malaysia. These visitors are also the main drivers of duty-free sales at Changi Airport.
Commonly found luxury brands in ASEAN region in the Hard Luxury Goods market are Gianni Versace S.p.A., Prada S.p.A, Ralph Lauren Corp, Christian Dior SE, Gucci, Rolex SA, Bottega Veneta, Louis Vuitton Malletie, LVMH Moet Hennessy Louis Vuitton SA, Compagnie Financiere Richemont SA, Prada S.p.A., Hermes International SCA, Salvatore Ferragamo S.p.A, Tod's S.p.A. and some others.
These companies are providing number of Luxury products ranging from clothes to electronic devises and jewellery. They are likely to contribute most to the ASEAN Hard Luxury Goods Market during forecast period.
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| Attribute | Details |
|---|---|
| Growth Rate | CAGR of ~10.5% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical Data Available for | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative units | Revenue in USD Billion, volume in Units, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, pricing analysis |
| Segments covered | Product Type, Gender, Age Group, Sales, Region. |
| Country scope | Singapore, Malaysia, Thailand, Brunei, Vietnam, Philippines, Indonesia. |
| Key Companies Profiled | Gianni Versace S.p.A.; LVMH Moet Hennessy Louis Vuitton SA; Compagnie Financiere Richemont SA; Prada S.p.A.; Hermes International SCA; Salvatore Ferragamo S.p.A; Prada S.p.A; Ralph Lauren Corp; Christian Dior SE; Gucci, Rolex SA; Bottega Veneta; Louis Vuitton Malletier; Tod's S.p.A.; Others |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The hard luxury goods market is expected to reach a valuation of ~US$ 96.4 Bn in 2022.
Increasing trend of luxurious lifestyle and getting differentiated from others are making luxurious goods popular among lots of consumers all around the globe. Increase in disposable income is increasing the number of hard luxury goods consumers. Also, wide variety and unique products and innovations in the products are also driving the hard luxury goods market.
Leading players operating in hard luxury goods market are Gianni Versace S.p.A., LVMH Moet Hennessy Louis Vuitton SA, Compagnie Financiere Richemont SA, Prada S.p.A., Hermes International SCA, Bottega Veneta, Louis Vuitton Malletier, Salvatore Ferragamo S.p.A, Prada S.p.A, Ralph Lauren Corp, Christian Dior SE, Gucci, Rolex SA, Tod's S.p.A. and among others.
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ASEAN Hard Luxury Goods Market
