Luxury Portable Consumer Electronics highlighted a considerable growth of 6% in terms of the retail value sales of the year 2016 in Germany that augmented the level of sales to EURO 36 million. The market has been mainly focused on- Luxury Mobile Phones, Luxury Mp3 Players and Luxury Wearables whereby the latest group of wearables has had the power to speed up the sales of the market on a whole due to the strong growth pace being enjoyed by the category in the market. This has assisted the market achieve rates of success even when the luxury mobile phones were not capable of generating good sales.
Luxury goods if considered cumulatively have relished a positive growth in Germany in 2016, since a rise was recorded in the volume and value sales of almost all categories of the market whereby the maximum overall development was observed in the young segment of luxury portable consumer electronics, while the slowest growth was recorded in the old-fashioned group majorly comprising of luxury writing instruments and stationery. Ultimately, a strong and consistent performance has resulted in the luxury goods market in the country.
The positive economic circumstances including- significantly high economic growth rates, very low unemployment, and high level of consumer confidence led to increased numbers of German consumers who could purchase luxury goods. It has also been observed that those who were already regular consumer either raised the frequency of their purchases of these items or started selecting better value offerings, by shifting from affordable items to inspiring goods and from aspirational goods to absolute luxury brands.
According to the market research report "Luxury Portable Consumer Electronics in Germany", the competitive environment in the market stayed fragmented as a result of the diverse categories present in the industry. A noticeable amount of domestic and multinational companies persisted to compete with a plenty of various products and brands available. The key player in the industry had been Hugo Boss AG, followed by LVMH and Richemont.
The value shares of internet retailing has also been rising further promising a much wider variety in all luxury goods categories at attractive rates, even for the luxury goods, thereby increasing their customer base of the market by offering affordable prices.
The market is further expected to come across a significant value growth in the future. Despite the strong growth that has been seen, future growth is expected to be slightly lower though. Anyhow, the sales are forecasted to keep on increasing with newer products entering year by year.
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Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com