Global Luxury Goods Market: Snapshot
The market for luxury goods presents an amalgamation of both premium and affordable luxury goods. The rising count of high net worth individuals (HNIs) and the growing disposable incomes has boosted the demand for luxury goods. The top players dominant in the market are introducing tailor-made products keeping in mind the trends and the demands of consumers in numerous regions. The market is also involved in increased luxury products‘ promotion via digital platforms. The players within the market are involved in numerous mergers and acquisitions for gaining a control over the supply of raw materials for the production of exclusive goods and to reduce their overall manufacturing costs.
The global luxury goods market stood at US$296.15 bn in 2013 and is predicted to touch US$374.85 bn in 2020, expanding at 3.40% CAGR between 2014 and 2020. The strong economy of the key developed markets is a prime factor boosting the development of the global luxury goods market.
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In addition, the growing utilization of cutting-edge marketing activities and campaigns via digital media platforms within the travel retail industry will also positively impact the development of this market. On the other hand, the high tariffs and dearth of raw materials within some promising markets such as China, India and Brazil may impede the development of the overall market.
Leather Goods and Apparels Hold a Dominant Share in Global Luxury Goods Market
In terms of product, the report segments the market into apparels and leather goods, luxury watches and jewelry, wines/campaigns and spirits, fragrances, luxury personal care and cosmetics, and others. At present, the segment of leather goods and apparels is the top segment in the market for luxury goods and is trailed by the segment of luxury jewelry and watches. The companies operating in the luxury goods market are presenting numerous affordable and sophisticated goods for capturing the attention of huge count of customers in all the key segments.
Proliferation of High-End Departmental Stores to Bode Well for Market Growth
In terms of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, the Europe luxury goods market holds the most dominant share and is trailed by North America. Europe is predicted to maintain its superiority all through the forecast period. This is owing to the fact that Europe is considered to be amongst the top destination for international and domestic luxury good consumers.
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In addition, the proliferation of high-end departmental stores and online stores within Europe will also boost the development of the market in this region. On the other hand, Asia Pacific and RoW are also swiftly developing markets, and had a huge number of high net worth customers in the past five years. The customers residing in these regions have huge purchasing power and are aware about the latest trends and fashions.
The prominent players in the global luxury goods market are LVMH Group, Kering S.A., Rolex S.A., Revlon Inc., Tiffany & Co., L’Oreal Group, Prada S.p.A, Coty Inc., and The Swatch Group Ltd., Hermes International SCA, Compagnie Financière Richemont S.A., Burberry Group plc, Avon Products Inc., and Graff Diamonds, among others.