Worldwide Luxury Goods Market Surpasses $1 Trillion
With 2015 behind us, we take a few minutes to review the most recent statistics from the world of luxury goods. The Swiss watchmaking statistics comprising the entire year are not yet out, but according to Bain & Company’s Luxury Goods Worldwide Market Monitor, the global luxury market passed the trillion-dollar mark for 2015.
In fact, more than $1.1 trillion — a 5 percent increase over the previous year — was spent in 2015. The personal luxury goods category, which includes watches and jewelry, as well as cosmetics, fragrance, leather goods, accessories and fashion, amounted to $253 billion. That represents a 1 percent growth at constant exchange rates over the previous year.
The category that seemed to have the most growth was the luxury automobile category — with an 8 percent increase over the previous year. Similarly, the luxury hotel field witnessed a 7 percent increase and fine arts had a 6 percent increase over the previous year. The U.S. seems to be the main driver of the fine arts growth.