The year 2019 was kind to the luxury market. Billions of dollars were shelled out of wallets across the globe in exchange for designer goods. And with a younger generation that isn’t afraid to add expensive name brands to their wish list, the luxury market has made an impression that is sure to carry over in the next few years.
Instagram user Callmemrjohnson shared his 9-year-old daughter’s Christmas list last month, which went viral over its inclusion of an iPhone 11, Chanel purse, Gucci slides, $4,000 cash request and more.
Though it may be puzzling as to how some of the pricey items made their way onto a child’s list of desired gifts, luxury brands have a strong presence online in search engines and social media, which are sure to catch the eye of web surfers.
As such, the luxury goods market is projected to reach $445 billion by 2025, according to a report from Luxe Digital. The publication also ranked high-performing luxury brands by the number of search queries each received.
Here are the top 10 brands with the greatest digital presence and the money generated in 2019.
The top three searches for the Spanish luxury brand Balenciaga turned out to be footwear, according to Luxe Digital, which included its shoes, sneakers and speed trainers.
In April, Balenciaga reported that it was hitting a major revenue milestone that would put the company over the billion-euro threshold. When converted, the amount is equivalent to about $1.12 billion. Balenciaga’s annual revenue has been growing since Demna Gvasalia took the reins in 2015, according to a report from Fashionista.
Rap music has been an indicator of which luxury brands are performing well with mainstream audiences, so it’s not that shocking that Balenciaga made strides this year after being name-dropped in Cardi B’s 2018 hit song “I Like It.” The speed trainers she referenced, “the ones that look like socks,” continued to be a top search online in addition to Balenciaga’s record year.
The top three searches for Prada were sunglasses, bags and shoes, according to metrics from Luxe Digital.
In the first half of 2019, the Italian luxury brand reported it made $1.73 billion in revenue. Struggles to capture the Chinese market were cited as factors by Vogue Business in August. Prada shares in Hong Kong have been in decline in recent months.
Based on Luxe Digital’s findings, the top three Armani searches were for its product lines Armani Exchange, Giorgio Armani and Emporio Armani
In July, Bloomberg reported that Armani’s revenue dropped 8 percent to $2.3 billion in 2018. However, the brand has attempted course correction this year with luxury apartments in New York City, a destination runway show in Tokyo and an inked deal with the Italian national soccer team – all of which are said to boost growth in 2020.
Armani is one of the few luxury brands that aren’t publicly traded or owned outright by a conglomerate. Though reports have stated that the brand is facing challenges, Armani has come a long way from its modest $10,000 founding in 1975.
7. Christian Dior
According to Luxe Digital, the top three searches people entered in reference to Christian Dior were the Dior Sauvage fragrance line, sunglasses and beauty brand.
In October, the French luxury brand reported it reached a 16 percent increase in revenue within the first nine months of 2019, which amounted to $43.07 billion – or 38.4 billion euros. The U.S. and China were partially credited due to each country’s steady demand.
6. Tiffany & Co.
Tiffany & Co. is known for its fine jewelry, however, the top three online searches in reference to the brand were rings, necklaces and bracelets, according to Lux Digital.
In Tiffany’s third-quarter earnings report, the company held steady at $1.01 billion in revenue. More notably, the New York-founded luxury brand was purchased by French multinational conglomerate LVMH in November for $16.2 billion.
Renowned watch brand Rolex has been designing timepieces since 1920, but the top three lines people are searching for are the Submariner, Daytona and Oyster Perpetual, according to Luxe Digital.
As of May 2019, the Geneva, Switzerland-based company raked in $5.1 billion in sales, according to Forbes. Rolex is estimated to be worth $9.1 billion.
When people searched for Hermès in 2019, they were looking at belts, the prestigious Birkin bag and scarves, according to Luxe Digital.
In September, the French brand reported its consolidated revenue amounted to $3.684 billion, which is equivalent to 3.284 billion euros. Particularly, the company noted that sales increased in America by 10 percent.