The global luxury retail market was USD 120.12 billion in 2016 and will reach USD billion by 2022 at a CAGR of 4.2% during the forecasted period. The market in Asia Pacific (APAC) is likely to grow at a healthy CAGR, owing to major lifestyle changes among consumers.
Mainly due to the strong US dollar, America emerged as the biggest global region for personal luxury goods purchases, but in real terms it did not deliver. Europe also showed a sound growth mainly due to its high tourists, the Asian tourists travelling to the European continent is great for its tax-free shopping. India and China have great opportunities, and the disposable income in these countries is growing due to their fast growing economies.
