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In 2024, China was estimated to account for ** percent of the global personal luxury goods market. In comparison, Japan's personal luxury goods market made up **** percent of the market in 2024. 

Global context and market trends

The Asia-Pacific region, led by China and Japan, forms the largest share of the global luxury goods market. In 2023, the Americas and Europe each accounted for a similar share of the personal luxury goods market, with China close behind. Looking ahead, the revenue of luxury goods was estimated to grow across all segments by 2029. The luxury watches and jewelry segment is expected to see particularly strong growth, with a projected revenue of over *** billion U.S. dollars. This forecast suggests that Asia, and especially China, will continue to be crucial markets for luxury goods in the coming years.  

Regional dynamics and consumer behavior

While China and Japan dominate the Asian luxury goods landscape, other countries in the region are also making their mark. A survey conducted in 2024 revealed that respondents from the Philippines and Thailand mostly purchased luxury items two to three times a year, a similar shopping behavior to Chinese respondents. In most Southeast Asian countries, luxury clothing is the preferred category for most consumers, while **** of the Chinese respondents favor luxury cosmetics and skincare.