Hard luxury goods are growing at 10 to 12 per cent, says a new study. The luxury goods market is segmented into soft luxury goods and hard luxury goods. Soft luxury goods includes designer apparel and leather goods such as handbags. Hard luxury goods comprises jewelry and premium watches.

North America and Europe have the highest market share of the hard luxury goods market. But the Asia Pacific is expected to account for the fastest CAGR growth as compared to other regions. Among the countries in the Asia Pacific, China is expected to be the most lucrative market, followed by Japan. India is also expected to show healthy growth. In the Asean region Singapore is expected to be the most dominant market. The rising growth for hard luxury goods in Singapore is supported by new entrants in jewelry brands and rising sales of watches. Thailand and Malaysia are also prominent contributors to the revenue of the hard luxury good market in the Asean region followed by Indonesia and the Philippines.

Luxury goods comprise products which are quite expensive and the target is consumers who belong to the premium class. The market for luxury goods consist of three types of end consumers, children up to 12 years, teenagers belonging to the age group of 13 to 19 years and adults.