A new research
report published by Transparency market Research on the global luxury
goods market states that the rising number of high net-worth
individuals across the globe will drive this market despite the
economic turbulence. According to the market research report, titled
“Global Luxury
Goods Market - Industry Analysis, Size, Share,
Growth, Trends, and Forecast, 2014 - 2020”, the global luxury
goods market is expected to grow at a CAGR of 3.40% from 2014 to
2020.
Despite economic
turbulence in developed markets and currency devaluation in emerging
markets, growth of luxury goods is projected to remain positive over
the forecast period. 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.
The demand for
luxury goods is increasing globally due to the superior standards of
living in developing countries. Moreover, increasing use of
innovative marketing campaigns and activities through digital media
platforms in the travel retail industry are acting as drivers for
luxury goods. Currently, growth of this market is hampered by
unavailability of raw materials and high tariffs in some potential
markets such as Brazil, India, and China.
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Among the different
segments, fragrances, premium liquors and luxury watches/jewelry are
expected to witness rapid growth, primarily in emerging markets.
Currently, leather goods and apparels is the largest application
segment for the global luxury goods market, followed by luxury
watches and jewelry and is expected to dominate the market by 2020.
Luxury goods companies are offering a perfect mix of absolute and
affordable luxury goods to capture maximum number of customers in all
segments.
Europe is the
largest regional market for the global luxury goods market, followed
by North America. Europe is expected to dominate the luxury goods
market in terms of revenue by 2020, as it is still considered the
best destination for domestic as well as international fashionable
and luxury goods shoppers. Along with standalone own brand stores,
online retail and high-end departmental stores is contributing
greatly to the growth of global luxury goods market in Europe.
Working women, high net-worth individuals, and young affluent buyers
are among the potential customers expected to drive the global demand
for luxury goods during the forecast period. APAC and RoW are
fast-growing markets with large number of newly-listed high net-worth
individuals in the past five years. These customers are
well-travelled and aware of the latest fashions and trends. With
upscale lifestyles and higher purchasing power, these customers are
expected to fuel growth of the global luxury goods market in the
developing markets of RoW and APAC.
The global luxury
goods market is dominated by several major players such as LVMH,
Hermes International S.A., Prada S.p.A., Compagnie Financière
Richemont S.A. (hereby referred as Richemont), Kering Group, The
L'Oréal Group, Coty, Inc., Tiffany & Company, Rolex S.A., and
others. The leading players in the global luxury goods market are
acquiring partners to strengthen their respective product offerings.
For instance, LVMH acquired Heng Long´s leather business in
Singapore in October 2011, in order to strengthen its position in the
market, by ensuring continuous supply of finished leather &
hide.. Furthermore, Hermes International S.A. acquired d'Annonay
tannerie in January 2013. Such acquisitions and mergers are expected
to rise in the forecast period. The players in this market are
engaging in acquisitions and mergers in order to gain greater control
over raw materials supply, in order to produce exclusive goods and
lower their total manufacturing costs.
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providing global business information reports and services. Our
exclusive blend of quantitative forecasting and trends analysis
provides forward-looking insight for thousands of decision makers.
Our experienced team of Analysts, Researchers, and Consultants, use
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research techniques in developing distinctive data sets and research
material for business reports.
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