The global luxury goods market is prognosticated to witness a steady growth in the years to come, according to analysts at Transparency Market Research (TMR). The market features intense competition among a handful number of established vendors, with players vying to gain the attention of the millennials and the post millennials. These generations, being exposed to technology and brand presence since a long time are likely to be influenced by the peer pressure into buying luxury products, which the vendors are expected to use to their advantage and make particular age groups as the target audience. Additionally, vendors are increasingly focusing on making available affordable luxury items in all their product segments to lure in the consumers from economically emerging regions.
Key players operating in the global luxury products market are Tiffany & Co., Prada S.p.A., LVMH, Burberry Group plc, and L’Oreal Group, among others.
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The global luxury goods was estimated to stand at at US$296.15 bn in 2013 and is forecasted to touch US$374.85 bn by 2020, exhibiting a 3.40% CAGR between the forecast duration of 2014 to 2020. The product segment of apparel and leather goods is expected to lead the overall luxury goods market. Geographically, Europe previously accounted for being the top region for production and consumption of luxury goods, and the trend is expected to continue over the period of forecast, supported by the presence of leading vendors.
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High Net Worth of Individuals, Urbanization to Augment Demand for Luxury Goods
The rising disposable incomes of individuals coupled with their higher net worth is a largely driving the luxury goods industry. It enables the purchaser to spend more on luxury things and on improving way of life along with expanded sales of leather apparel and travel goods. The demand for luxury goods is anticipated to keep on increasing the reception all through the forecast period, with further ascent in incomes.
As indicated by the United Nations, around 54% of the total populace lived in urban areas in 2014, and it is normal that more populace will move in urban territories over the forthcoming years. The effect of this factor is foreseen to increment over the forecast period, importantly filling the demand for luxury goods. The sedentary lifestyle among individuals is expanding, attributable to higher dispensable livelihoods, change in way of life, and increment in corporate culture. Expanded multiplication of corporate goods in emerging countries has advanced the conveying costly and premium goods culture among buyers, thus boosting the sales of the luxury goods market in the coming years.
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Affordable Luxury to Emerge as Key Market Trend
Street wear styled luxury clothing experienced champion development in the previous years, driven by casualization of work environment clothing and younger purchasers of luxury goods. This is expected to emerge as a key factor to draw in new clients. Chinese consumers will be a key nationality driving the development of the luxury goods market. Purchasers of luxury in China are youthful, progressive in nature and very much aware of the value chain condition.
Aside from “total luxurers,” who purchase luxury things solely, there exists the millennial generation, who doesn’t mind mixing and matching luxury with regular products. A substantial segment of this age group opt to purchase bag or T-shirts from less expensive brands, or blends their style by purchasing sports shoes and luxury shoes from luxury specialty brands. This pattern seems to satisfy shoppers’ to generate their own sense of style. When they do search for various brands, this is on the grounds that luxury brands don’t have contributions in specific classifications or on account of the twenty to thirty year olds’ longing to have a novel style, convey what needs be, and search out specialty brands. These are some of the key patterns anticipated to make a positive effect on the growth of the worldwide luxury goods market.