Global Hard Luxury Goods Market: Snapshot
The strengthening of global economy is having a great impact on the worldwide market for hard luxury goods. The increasing preferences for front-line and sophisticated products among consumers has fueled the sales of hard luxury goods across the world. Over the forthcoming years, the increasing number of high net-worth individuals in developed countries and the rising disposable income of consumers in emerging nations are likely to reflect positively on this market.
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The overall opportunity in the global hard luxury goods market is expected to rise to a whopping sum of US$75.24 bn by 2017. Further, the market is predicted to report a high-paced progression at a CAGR of 10.90% between 2017 and 2023, reaching a massive value of US$126.11 bn by the end of 2023.
Watches to Remain Most Valued Hard Luxury Products
The worldwide market for hard luxury goods is broadly assessed on the basis of the type of the product, sales channel, and the gender of the consumer. Based on the type of the product, the market is segmented into watches and jewelries. Watches are the more prominent revenue contributors among the two. With the segment’s revenue rising at a CAGR of 8.30% between 2017 and 2023, watches are likely to remain the most valued product in the worldwide hard luxury goods market. However, jewelries are also expected to witness a steady increase in their demand over the forthcoming years.
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On the basis of the gender, the market is classified into men and women. Women are supposed to be a more lucrative buyer segment for hard luxury goods in comparison to men. Researchers expect this scenario to remain like this over the next few years. By the sales channel, the market is categorized into monobrand stores, specialty stores, department stores, and online stores. Monobrand stores and specialty stores are reporting a higher sales of hard luxury goods than the other two segments and this trend is likely to continue in the years to come.
Europe to Continue Leading Global Hard Luxury Goods Market
Latin America, North America, the Middle East and Africa (MEA), Europe, Asia Pacific (APEJ), and Japan are the prime regional markets for hard luxury goods across the world. Among these, Europe has surfaced as the leading regional market for hard luxury goods, thanks to the presence of key hard luxury goods brands in European countries, such as Germany, France, Switzerland, and Italy. Analysts expect the Europe market for hard luxury goods to retain its position over the next few years with the rising count of duty-free stores. The extremely dense retail network in this region will also boost the Europe market for luxury goods in the near future.
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Among others, the APEJ market for hard luxury goods is anticipated to experience a steady rise over the coming years due to the increasing number of newly listed high net-worth individuals and the augmenting disposable income of consumers in this region. This regional market is anticipated to gain 129 BPS in its market share by the end of 2023.
The increasing number of players in the global market for hard luxury goods market is anticipated to intensify the competition within the market over the next few years. Currently, Graff Diamonds Ltd., LVMH, Giorgio Armani, Swatch Group, Richemont, Bulgari, Chanel S.A., Ralph Lauren Corp., Tiffany & Co., and Harry Wintson are leading the market for hard luxury goods across the world.
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