The global hard luxury goods market has been anticipated in a report by Transparency Market Research (TMR) to experience a high level of competition because of an expansive pool of well-settled players. The analysts authoring the report have projected the competition to intensify further as an increasing count of new players continue to venture into the market. The report has recognized Chanel, Bulgari, Richemont, Swatch Group, and Giorgio Armani as leading competitors of the industry. As a buyer of the report, you could expect to gain a complete understanding of the competitive landscape and receive a detailed account of how leading players are competing in the market.
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As per a study presented in the report, TMR has envisaged the global hard luxury goods market to bag spectacular revenue of a total of US$126.11 bn by the completion of 2024. The market could expand at a 10.90% CAGR between 2017 and 2024. In 2017, it accounted for earnings worth a US$75.24 bn. Consumers of hard luxury goods could place a higher value on watches which have been predicted to rise at an 8.30% CAGR. With a significant presence of players in the region, Europe could achieve a king’s share of the market.
Increasing Preference for Branded Items Propels Demand
As observed by seasoned analysts, the world hard luxury goods market has been prognosticated to gain impetus with the rising trend of a higher inclination toward branded products. You could see the sales of branded products improving greatly on the back of a large count of consumers placing a magnified emphasis on superior quality and innovative craftsmanship. Furthermore, the retail industry has been investing heavily on the marketing of products, which has led to an increase in the number of ad campaigns held with the help of digital media platforms. Retailers have also been taking product marketing initiatives to amplify their sales. All of these factors could positively impact the market in the coming years.
Regions with an enormously dense retail network such as Europe have been foretold to lavishly contribute toward the growth of the world hard luxury goods market. However, there could be other regions such as Asia Pacific excluding Japan (APEJ) increasing growth while riding on the rising count of newly listed high net worth individuals.
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Lack of Raw Materials and Price Volatility Impede Growth
The international hard luxury goods market has been prophesied to stay healthy. However, players may encounter some challenges on the way. Brazil, China, India, and other rewarding markets in Latin America and Asia have been continually increasing tariffs in the recent years. Moreover, volatility in prices and lack of raw materials could hamper the demand for hard luxury goods.
However, increasing disposable income of consumers in developing regions and improving global economy have been envisioned to create ample of opportunities in the international hard luxury goods market. Companies could expand their customer base by offering budget and affordable luxury products in the capacity of hard luxury goods. Thus, players could expect the market to offer handsome prospects despite the expected slowdown in demand.
The information presented in this review is based on a TMR report, titled “Hard Luxury Goods Market (Product – Watches and Jewelry; Gender – Men and Women; Sales Channel – Monobrand Store, Department Store, Specialty Store, and Online Store) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”
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