The global luxury goods market size is projected to reach USD 352.84 billion by 2027, exhibiting a CAGR of 4.6% during the forecast period. It stood at USD 316.16 billion in 2019 and USD 257.26 billion in 2020. Heightening luxury goods consumption by wealthier people worldwide will stoke the market growth, suggests Fortune Business Insights™, in its report, titled, “Luxury Goods Market, 2021-2028”. According to the data published by Oxfam International in 2020, 2153 billionaires are present worldwide. These billionaires are wealthier than the total of 4.6 billion people altogether. Moreover, in this pandemic crisis, rich people have gotten richer. Forbes reported that more than 22000 billionaires have collectively made $1.9 trillion in the year of crisis.
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