The global market for luxury goods was valued at USD 296.15 billion in 2013 and is expected to reach USD 374.85 billion in 2020, growing at a CAGR of 3.4% from 2014 to 2020. The overall market is expected to demonstrate healthy growth during the forecast period due to increase in the number of high net-worth individuals worldwide, and resilient economy of some of the major developed markets.
Albany, NY -- (SBWIRE) -- 05/11/2016 -- 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.
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This study offers a competitive analysis of the global luxury goods market by type and by geography. The report also contains further segmentation by type across major geographies. In addition, it provides current and forecast market size by revenue for major luxury products for the period 2014–2020. The report discusses current and future trends for major regions and countries in a precise manner. Furthermore, the report also presents the current market size of each country in major regions and their respective projected market size in 2020. Major players in the global luxury goods market include LVMH Group, Kering S.A., Rolex S.A., L'Oreal Group, Tiffany & Co., Coty, Inc., The Swatch Group Ltd., Prada S.p.A, Compagnie Financière Richemont S.A., Hermes International SCA, Graff Diamonds, Burberry Group plc, Revlon, Inc., and Avon Products, Inc.
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The global luxury goods market is expected to grow moderately over the forecast period. However, the market in Rest of the World (RoW) and Asia Pacific (APAC) is likely to grow at a healthy CAGR, owing to major lifestyle changes among consumers in these regions. In addition, consumers in these regions are well-informed about the various fashion trends around the world. Therefore, the market in RoW and APAC regions are poised to grow briskly between 2014 and 2020. The market has been segmented by product type into luxury watches & jewelry, apparels and leather goods, luxury personal care & cosmetics, wines/champagne and spirits, fragrances, and others.
The report includes major drivers of the luxury goods market in the present scenario. Additionally, restraints and opportunities for the same are discussed in detail. The market overview comprises value chain analysis, which describes various stages where companies can add value and strengthen their positions in the market. Furthermore, the report analyzes macro economic factors influencing and inhibiting growth of the global luxury goods market. Porter's Five Forces analysis offers insights on market competition throughout its value chain. The market attractiveness analysis highlights key investing areas in this industry.
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Extensive secondary research and primary interviews has been performed to capture only genuine information for analysis in this report.
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