Superior Goods Market Analysis Highlights the Impact of COVID-19 (2021-2027) – TMR

Luxury Goods Market

Luxury market consists of nine segments, which is dominated by luxury hospitality, personal luxury goods and luxury cars. These segments collectively account for almost 80% of the entire market. Overall, luxury goods market has shown significant growth in recent years. The growth is attributed to growing income of individuals.  Also, luxury items represent social status. Thus, people tend to buy luxury goods to show off their status. Registering the trend, the luxury goods market is anticipated to show promising growth in the coming years.

In category of luxury goods, jewellery and shoes are among top items contributing nearly 7% of the overall revenue generated. Handbags and beauty products are next in line. At the same time, sale of watch produced average revenue.

Emergence of online stores is driving the sale of luxury items. E-commerce is facilitating easy purchase option of products produced at distant places. This, in turn, has contributed significantly to the growth of global luxury good market. On the other hand, contribution through offline stores has decreased drastically. This is a consequence of competition by online stores.

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News & Trends Impacting the Luxury Goods Supply Chain - Inbound ...

Registering the preference and demand for online purchase of luxury products, the luxury goods market is anticipated to grow significantly in the coming years.

Global Luxury Goods Market: Overview

In an era of rapidly changing trends, producers of luxury goods have started to keep a watch on a new class of consumers that is rising these days. High-Earners-Not–Rich-Yet (HENRY) is the new class of consumers is likely to become increasingly relevant in the times to come. In addition to that, luxury goods manufacturers are now making substantial investment to draw the attention of the younger section of the population, who comprise the future consumers of luxury goods. Attempts to trigger interest of younger generation are likely to fuel growth of the global luxury goods market.

These ‘new’ tech savvy generations desire for seamless, individualized brand relationship and are investing in brands across the globe to market products utilizing social and digital media platforms. They are also using the same platform to engage with existing and prospective consumers.

Type, gender, mode of sale, and region are the five key parameters based on which the global luxury goods market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.

Global Luxury Goods Market: Notable Developments

One of the developments that offer a glimpse of the market dynamics about the global luxury goods market is mentioned below:

  • In November 2019, Louis Vuitton Moet Hennessy (LVMH) acquired US-based luxury jewelry and specialty retailer Tiffany & Co. The acquisition is one of the largest in the business of luxury retail. Following the acquisition, it is expected that LVMH will be able to expand its reach and diversify its product offerings.

Some well-known organizations in the global luxury goods market include the below-mentioned:

  • The Estée Lauder Companies Inc.
  • Cie Financiere Richemont SA
  • LVMH Moët Hennessy
  • L’Oréal S.A.
  • Kering S.A.
  • Prada S.p.A.

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Global Luxury Goods Market: Key Trends

The following drivers, restraints, and opportunities characterize global luxury goods market over the assessment period, from 2019 to 2027.

Younger Generation Likely to Fuel the Demand for Luxury Goods

The global luxury goods market is expected to be fuelled by the augmented demand for premium cosmetics and beauty products. In addition, the increased uptake of omnichannel retailing is likely to encourage growth of the global luxury goods market further.

In addition, there has been a rise in the disposable income of people together with increased awareness about various skin-related issues. These factors have increased the consumer spending on various high-end skincare products such as Bobbi Brown, Mac, Estee Lauder and so on. Rise in the expanding base of aging population generates demand for premium anti-aging creams. Increased spending on such premium brands is likely to support growth of the global luxury goods market over the tenure of assessment, 2019 to 2027. To cater to the rising demand for such innovative and advanced skincare technologies and products, manufacturers are investing more into research and development activities, which is estimated to boost the demand for luxury goods in the years to come.

Overall, the jewelry and shoes are likely to emerge as leading revenue generating categories, trailed by beauty and handbags. Young consumers are estimated to exert substantial influence on the demand for luxury goods. To make the most of this trend, companies are luxury good producing companies are increasingly recognizing and acknowledging the differences in size and culture. A case in point is modest fashion and clothing worn by Muslim women accounted for a sizeable chunk of the global luxury goods market.

Global Luxury Goods Market: Geographical Analysis

The global luxury goods market is estimated to be dominated by the Chinese consumers due to high demand for luxury goods coupled with augmented purchasing power. Asia Pacific is estimated to emerge as a promising region for the market over the tenure of assessment.

Driven by the presence several luxury goods companies, North America is expected to rise to prominence over the forecast period. Rising disposable income has facilitated the increased overall spending by local Americans.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

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