Global Luxury Market (2018–2028)
Total retail sales worldwide are forecast to increase by 4.9% this year, to $31.1 billion, with fashion ranking among the top online shopping categories. These numbers are encouraging for aspiring entrepreneurs looking to start a fashion business. But if you want to launch a business in the subcategory of luxury goods, you’ll need more pertinent figures to guide your strategy.
To that end, here’s a breakdown of the global luxury market size in recent years.
Key global luxury industry statistics
- Global luxury sales are anticipated to rise by 4% in 2024, to $368.9 billion.
- By 2028, the luxury industry is expected to generate $418.8 billion in annual revenues.
- From 2018 to 2028, the global luxury market is set to increase its annual revenues by an overall 46.4% and at an average annual growth rate of 4.2%.
Global luxury market size: table
|
Year |
Global luxury market size |
Annual change |
|
2018 |
$286.1 billion |
|
|
2019 |
$305.5 billion |
+6.8% |
|
2020 |
$259.1 billion |
-15.2% |
|
2021 |
$294.2 billion |
+13.5% |
|
2022 |
$312.9 billion |
+6.4% |
|
2023 |
$354.8 billion |
+13.4% |
|
2024 |
$368.9 billion |
+4.0% |
|
2025 |
$382.2 billion |
+3.6% |
|
2026 |
$394.8 billion |
+3.3% |
|
2027 |
$406.6 billion |
+3.0% |
|
2028 |
$418.8 billion |
+3.0% |
Global luxury industry sales: 2018–2024
According to a recent analysis, the global luxury goods market is expected to generate $368.9 billion in revenue in 2024. This includes revenue from sales of luxury eyewear, leather goods, watches, jewelry, fashion, cosmetics, and fragrances. The revenue in 2024 marks a 4% annual increase, which is around one-third the growth rate of 2023.
A closer look shows that aside from a slump in 2020, which market analysts attribute to the COVID-19 pandemic, consumer spending on luxury goods has generally increased annually since 2018. That year, luxury retail sales totaled $286.1 billion. It rose by 6.8% in 2019, to $305.5 billion—surpassing the $300 billion milestone for the first time. The 15.2% plunge in 2020 saw luxury spending fall to $259.1 billion. But the industry recovered swiftly the following year, rising by 13.5%, to $294.2 billion. In 2022, the luxury sector saw sales return to pre-pandemic numbers, growing by 6.4%, to $312.9 billion. The following year saw revenue hit $354.8 billion, as growth more than doubled, to 13.4%.
Global luxury industry sales: 2025–2028
Looking ahead, market experts predict that global luxury spending will continue to rise, but at a slower rate. In 2025, a 3.6% annual increase is expected, which will bring total revenue to $382.2 billion. A slight slowdown is forecast for the subsequent year, as revenues grow by 3.3%, to $394.8 billion.
In 2027, the luxury goods industry is forecast to rise by 3%, to $406.6 billion. Another annual increase of 3% is set to follow in 2028, as revenues total $418.8 billion.
From 2025 to 2028, the global luxury market is projected to grow at an average annual growth rate of 3.1%. This is slower than the 4.8% growth rate recorded between 2018 and 2024.