Published On: Fri, Jan 16th, 2015

How The Super Rich Spend Their Money

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accounted for a massive slice of the global luxury goods market last year. Across the world, the super rich spent almost $438 billion on fancy cars in 2014. Personal luxury items like perfume, jewellery and clothing were the second largest market, accounting for $278 billion. The value of the world’s luxury goods market has increased steadily in recent times, little surprise given the increasing number of billionaires across the globe. All in all, people splurged over $1 trillion on upmarket items throughout the year.

 

ZONDA1 Ferrari  CAR

Statistics and facts on the global luxury goods industry

The global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags has been on an upward climb for many years. The value of the global personal luxury goods market was 212 billion euros and is estimated to be worth about 217 billion euros in 2013. Although the technical term luxury good is independent of the goods’ quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. The United States has been the largest regional market for luxury goods and is estimated to continue to be the leading personal luxury goods market in 2013, with a value of 62.5 billion euros.

 

Switzerland Sotheby Auction

Luxury or prestige brands are brands for which a majority of its products are luxury goods. LVMH (Louis Vuitton Moet Hennessy) is the most valuable luxury brand in the world, with a brand value of about 22.72 billion U.S. dollars. The LVMH Group’s total revenue for the 2013 fiscal year was about 29.15 billion euros.

St.-Regis-Bahia-Beach-Resort-in-Puerto-Rico-2 HOTEL

The personal luxury goods industry is expected to continue to grow, especially in Hong Kong; the market is expected to increase by 10 percent in 2013 to total about 7.7 billion euros.

 

This chart shows the luxury goods market in 2014.

Infographic: How The Super Rich Spend Their Money | Statista

You will find more statistics at Statista

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