Luxury goods are high-value products in terms of price & quality. These products are mainly considered as status symbols for individuals. Luxury goods can be purchased from department stores, shopping malls, auctions, and online stores. The increasing tendency of jewelry, watches, wine, cosmetics, and spirit products worldwide to buy luxury goods is a major factor likely to help the growth of the global luxury goods market throughout the forecast period owing to their premium quality, and socioeconomic significance.
As per analysis, “Luxury Goods Market: Market Segments: By Product Type (Designer wear & footwear, Jewelry, Accessories, Travel goods, Fine wine/champagne and spirits, Cosmetics, and Others); Gender (Male and Female); By Mode of Sale (Retail and Online); and Region – Global Analysis by Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” the key companies operating in the global luxury goods market include Ralph Lauren Corporation, LOral International, Compagnie Financire Richemont SA, LVMH Group, Swatch Group, Kering SA, Luxottica Group S.p.A, The Shiseido Company, Ltd., The Estee Lauder Companies Inc., Prada S.p.A. and among others.
Based on product type, the luxury goods market is segregated as cosmetics, designer wear & footwear, travel goods, accessories, dine wine/champagne & spirits, jewelry and others. Based on gender, the market is segregated as male and female. A female segment is expected to witness a higher growth rate due to rise in demand among the female population for different luxury items including apparel & leather goods, cosmetic products, and jewelry & watches, according to the current fashion trends around the globe during the forecast period. In addition, based on mode of sale, market is segregated as online and retail. Online segment dominates the market as it is an easy to purchase option of products produced at distant places.
The luxury goods market is driven by the increase in disposable income among the aspiring upper-middle-class population, followed by change in lifestyle & behavior of consumers, growth in urban population, change in packaging style & attractive marketing strategies, and growth in numbers of high-net-worth individuals worldwide. Apart from this, rise in availability of counterfeit products and the increase in cost of raw materials are major hindering factor for market. Moreover, growth in penetration of the e-commerce industry and increase in the number of smartphone users is a key opportunity for the market.
Based on geography, the European region holds major share in global luxury goods market, followed by North America, owing to large availability of luxury goods and high capacity to spend on luxury goods across the region. The Asia-Pacific region is estimated to witness higher growth rate due to an increase in ecommerce industry and rise in luxury goods spending by individuals over the forecast period. It is estimated that future of the global luxury goods market will be bright on account of growth in product advertising across social media, advancements in online marketing, rise in use of digital media for product marketing and increase in perception of personal appearance during the forecast period.
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Ankur Gupta, Head Marketing & Communications