Albany, NY -- (SBWIRE) -- 02/25/2016 -- Luxury goods are growing in demand in the modern world, to the point that in some regions they have practically lost the allure of conspicuous consumption. Defined as goods whose demand grows in proportion with income, luxury goods have naturally become more ubiquitous hand in hand with the globally increasing prosperity levels.

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Europe and North America, traditional bastions of the jet set, have historically led the global market for luxury goods. The longstanding traditions of winemaking in France and Italy and the prosperous and pioneering craftsmanship traditions in Central Europe have combined to make Europe the global leader, whereas the nouveau riche in North America have been quick to catch up, thanks to the industrial and consequent economic clout of the U.S. However, the winds of change have begun to blow over the global luxury goods market, with the E7 countries, among others, emerging as major players in the market.

The growing number of HNWIs and ultra HNWIs in APAC, Middle East, and Latin American countries has given a firm base for the global luxury goods market to build upon in the coming years. According to leading market intelligence firm Transparency Market Research, the global luxury goods market is set to rise to close to US$375 billion by 2020, growing at a 3.4% CAGR upon its 2013 value of US$296.15 billion.

Here's a regional breakdown of the main segments of the global luxury goods market:

Luxury Watches: Originating and being traditionally centered on Central Europe, particularly Switzerland, Italy, and Germany, the market for luxury watches has grown rapidly in recent years. The growing number of multimillionaires and billionaires in Asian countries such as China, India, and Japan has a lot to offer to the luxury watches market in the coming years, as the growing industrial landscape of particularly China and India leads to a rising number of HNWIs.

Wines/Champagnes: Wines and champagnes have a spiritual home in France, the latter even being named after a leading winemaking region in France. Italy, Spain, and the U.S. are the next three top winemakers in the global charts, but the remainder of the top 10 tells an interesting tale.

At number 5 is China, the Asian giant's presence in the global luxury goods market growing rapidly. The 6th and 8th top wine producing countries are Argentina and Chile, rising steadily in the global hierarchy on the back of Andean wineries. Australia comes in 7th and South Africa and Russia bring up the top 10, demonstrating the rapid and radical decentralization of the global wine market, itself a microcosm of the increasingly fragmented luxury goods market. Asian and South American wine industries are expected to keep up their strong share in the global market in the coming years, leading to strong growth prospects for the luxury goods industry.

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Fragrances: Another Euro-centric industry that has begun to branch out into emerging markets, luxury fragrances are now a common sight among the social elite in Asian and Latin American countries. It is only a matter of time before the average consumer in countries such as India, China, Russia, Brazil, Argentina, Chile, Australia, Japan, South Korea, and Mexico gains the financial clout to purchase luxury goods such as premium fragrances.

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