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This statistic presents the value of luxury goods worldwide in 2011 and 2012, by geographic area, and offers forecasts for 2013. In 2011, the Japanese luxury market was worth approximately ** billion euros.

The luxury goods market

The global luxury market, which includes beverages, fashion, cosmetics, perfumes, watches, jewelry, handbags, and travel goods, has been growing for many years. Although the term "luxury product" is technically not related to the quality of the product itself, it is generally considered to belong to the highest segment of the market in terms of quality and price. Luxury goods manufacturers meet consumer demand by focusing on brand, aesthetics, material quality, craftsmanship, and price, transforming everyday products into symbols of prestige. The industry evolves according to the gross domestic product (GDP), as demand rises during periods of economic stability and falls when the economic climate is unfavorable. The United States has long been the largest local market for luxury goods and is expected to maintain its position as the leading personal luxury goods market in 2014, with a value of **** billion euros.

LVMH (Louis Vuitton Moet Hennessy) is the world’s leading luxury brand, with approximately billion U.S. dollars. The total revenue of the LVMH group for the 2014 fiscal year amounted to billion euros.

New markets or new segments bring growth opportunities to this sector. One of the challenges for companies in the luxury sector is to maintain brand value and nurture customer relationships. As luxury expands into new sectors, more mature market segments are expected. Consequently, consumers are expected to become more discerning.