Vietnam Luxury Goods Market Size Growth Trends Forecast 2024-32

Vietnam Luxury Goods Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 6.10% (2024-2032)

The Vietnam luxury goods market is expanding swiftly, fueled by rising disposable incomes, a growing middle class, and increasing demand for premium brands and products. According to the latest report by IMARC Group, the market is projected to grow at a CAGR of 6.10% from 2024 to 2032.

Vietnam Luxury Goods Market Trends and Drivers:

The Vietnam luxury goods market is experiencing several trends including a shift toward premiumization, with rising consumer interest in high-end fashion, accessories, and luxury automobiles. There is growing demand for limited-edition and personalized luxury items, reflecting an increasing preference for exclusivity. Digital platforms are playing a larger role, as e-commerce and social media channels become key in promoting and selling luxury brands. Younger, affluent consumers are driving the trend toward experiential luxury, favoring travel, dining, and lifestyle services. Additionally, the influence of international luxury brands is expanding, with more flagship stores and retail outlets opening in major cities such as Ho Chi Minh City and Hanoi, catering to the evolving tastes of Vietnam’s wealthy elite.

The Vietnam luxury goods market is primarily driven by the rapid growth of the country’s affluent population, as rising incomes and increasing urbanization create a larger base of consumers with the financial capacity to purchase high-end products. Economic growth has led to a surge in disposable incomes, particularly among younger generations, who are more inclined to spend on luxury items as a symbol of status and success. Additionally, the expanding middle class is increasingly aspiring to own luxury goods, further driving demand across the market. Tourism plays a significant role as well, with international tourists, especially from nearby countries such as China and South Korea, contributing to luxury goods sales in major urban centers and high-end shopping districts.

The influx of foreign visitors has encouraged global luxury brands to establish a stronger presence in Vietnam, further enhancing the market. Moreover, Vietnam’s integration into global trade agreements, such as the European Union-Vietnam Free Trade Agreement (EVFTA), has reduced tariffs on imported luxury goods, making them more accessible and affordable for Vietnamese consumers. The government’s focus on modernizing infrastructure, including high-end retail spaces and luxury malls, is also facilitating the growth of the sector by providing a platform for international and domestic luxury brands to reach consumers. Furthermore, foreign direct investment (FDI) into Vietnam’s retail sector is helping to strengthen the supply chain and distribution channels, further supporting the growth of the luxury goods market.

Vietnam Luxury Goods Market Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest Vietnam luxury goods market size. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.

The report has segmented the market into the following categories:

Product Type Insights:

• Watches and Jewellery
• Perfumes and Cosmetics
• Clothing
• Bags/Purse
• Others

Distribution Channel Insights:

• Offline
• Online

End User Insights:

• Women
• Men

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

For an in-depth analysis, you can refer to a sample copy of the report:

https://www.imarcgroup.com/vietnam-luxury-goods-market/requestsample

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic, and technological developments for pharmaceutical, industrial, and high-technology business leaders. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact Us:  

IMARC Group 

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States: +1-631-791-1145