Global Apparel, Accessories and Luxury Goods Market - Watches the Most Appealing Segment

The overall luxury goods sector is vast covering apparel, accessories and home decor products. Economic slowdown has affected this sector the most due to the high cost involved but from 2H '10 this market is expected to pick up its growth. Comparatively, the European and Asia-Pacific markets will grow with CAGR of ~% and ~% respectively (2009-2014). In terms of geography Europe leads the global apparel, accessories and luxury goods market, closely followed by Americas and Asia-Pacific.
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; Market for luxury watches is primarily export driven with Switzerland leading the way followed by Hong Kong and China. Taking the current economic situations, Germans are less keen on expensive watches. Luxury watches market represents the largest segment within the luxury goods market, while luxury cosmetics market is projected to be the fastest growing segment over the analysis period 2007-2015.
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; Tourism will support further the demand for luxury goods with Europe to continue its leadership position as a producer in the luxury goods industry. The US jewellery market was highly split in the year 2009 with 22,182 retail speciality jewellers across 24,000 doors compared to 26,000 in 2007. The industry witnessed a decline of 5.6% in comparison to 2007.
; China has emerged as the top spot for the luxury watches segment in Asia. Swiss brands continued with their dominance in 2008 as well. The domestic market of Japan witnessed luxury boom in the recent years which had a direct effect on the growth of the market. Russia is one of the fastest developing markets, including China and India, which includes cosmetics, cars and yachts, jewelry and watches, food and wine, furniture and accessories and other products.By the end of 2014 market is expected to reach US$~ billion driven by diversification of the consumer base, changing consumer habits and values, and growing demand from emerging economies.

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• ;Luxury watches market represents the largest segment within the luxury goods market, having contributed a share of about 17% in the total dollar sales, while luxury cosmetics market is projected to be the fastest growing segment over the analysis period 2007-2015.
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• ;In 2007, fashion and clothing were high on demand, led to the biggest share of ~% of the total luxury goods market revenue, closely followed by perfumes and cosmetics at ~%, and watches and jewellery at ~%.
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• ;The US jewelry market is approximately US$~ billion (40% diamond sales), while the specialty jewelry market represents US$~ billion of that base and the rest US$~ billion goes to other segments of the jewelry market.
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• ;By 2014 China's luxury goods market would reach ~ billion. Sectors that would contribute to the growth primarily would be automobile, fashion clothing and accessories segments.
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• ;In Poland, retailers are focusing on polish jewelry and developing product quality and designs. Around 50% of world-famous luxury jewellery and watch brands have representatives in Poland.
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• ;The market opportunity for luxury products in India is estimated at US$~ billion in 2008 which was US$~ billion in 2007. This market is expected to grow at 25-30 per cent a year till 2015. A number of high-end international brands (such as Armani, Noraletto, Raymond Wiel and Burberry) have entered the Indian market through joint ventures with Indian retail players.
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• ;The world's leading luxury brands are gradually expanding their markets from metropolises such as Beijing, Shanghai and Guangzhou to smaller cities. They plan to expand their stores to tier-2 cities2 or even tier-3 cities3 in China.
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