Though far from exciting, the growth of the global luxury goods market will remain steady in the near future, says a latest study by Transparency Market Research. The report, titled, 'Global Luxury Goods Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2020,' pegs the market to report a modest 3.4% CAGR through its six-year forecast period. While the market was valued at US$296.1 billion in 2013, it is forecast to stand at US$ 374.85 billion by the end of 2020. The luxury goods market has been witnessing major growth due to the addition of new high net-worth customers.. A major transformation has happened with regard to lifestyle of wealthy young and affluent customers, who are extremely brand-conscious these days. Companies are forming various strategies to cater to customers in the most effective manner. Development of mobile applications, websites, and campaigns on social networking sites are some initiatives companies are adopting in order to attract new customers and engage old ones. The global luxury goods market is characterized by large number of mergers and acquisitions, thus making it highly consolidated in the near future. Different segments adopt unique strategies to develop their product lines. Some companies are focusing on distribution, while others are producing unique high-priced products in the form of limited editions.