Luxury goods market in the Asia-Pacific region - statistics & facts

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Published by S. Ganbold, Sep 21, 2021

The Asia-Pacific region is the largest consumer of personal luxury goods in the world and has become an important segment for global luxury brands. China and Japan alone account for more than half of the luxury goods market value of the region. Japan is one of the most prominent consumers of luxury goods in the world and has the highest average revenue per capita in the Asia-Pacific region. While Japanese customers spend more, there is a much higher number of Chinese customers, making China the largest luxury goods market in the Asia-Pacific region. The Asia-Pacific region is the largest consumer of many of the most valuable luxury brands in the world. Over one-third of LVMH Group’s, the parent corporation of many luxury brands including Louis Vuitton, revenue was generated in the Asia-Pacific region, of which more than half was from fashion and leather goods.

Who is buying what?

Prestige cosmetics and fragrances, and luxury jewelry and watches are the leading segments of the luxury goods market in the Asia-Pacific region. Prestige cosmetics and fragrances account for the biggest luxury market share in Japan and Southern Asia, while luxury jewelry and watches do lead in China. The prestige cosmetics and fragrances segment is predicted to grow the most in Asia in the foreseeable future, considering that cosmetics and fragrances are usually priced lower than other luxury items. Luxury fashion is the leading segment in Australia and New Zealand. It can be observed that the consumption of luxury fashion is often higher in developed economies. The absolute value of the luxury fashion market in Japan surpasses that of China. However, the market data cannot fully reflect consumer preferences as purchasing luxury goods is often time-consuming and is aspirational. According to our Global Consumer Survey, South Koreans prefer to buy premium or luxury bags and accessories, while Indian consumers prefer clothes, Chinese consumers prefer shoes, and Australians prefer both clothes and shoes.

Luxury shopping experience

In a burgeoning time of e-commerce, luxury shopping takes place mostly offline and is predicted to stay that way. Unlike other consumer products, one of the main appeals of luxury shopping is the luxury shopping experience. Besides the product itself, the prestige and exclusivity surrounding it serve an important role in luxury shopping. For instance, the leading information source among luxury consumers was brand stores in China. In addition, younger customers did purchase luxury goods online more in Asia, but older customers tend to have more spending power, stagnating the share of online sales channels.

This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

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Luxury goods market in the Asia-Pacific region

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Brands

Leading luxury brand based on digital performance
Louis Vuitton
Detailed statistics
Leading luxury brands in China 2021, based on the Digital IQ index
Leading Asian luxury goods company
Chow Tai Fook Jewellery
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Leading Asian luxury goods companies 2019, by revenue
Revenue share of Gucci
44%
Detailed statistics
Global revenue share of Gucci in 2021, by region