According to a
recent market research report published by Transparency Market
Research, the global luxury goods market is estimated to expand at a
CAGR of 3.4% between 2014 and 2020. The report, titled “Global
Luxury Goods Market - Industry Analysis, Size, Share,
Growth, Trends, and Forecast, 2014 - 2020,” projects the global
luxury goods market to reach US$374.85 bn by the end of 2020. The
market stood at a US$296.1 bn in 2013.
The global luxury
goods market offers a mix of both affordable and premium luxury
goods. A rise in disposable incomes and increase in the number of
high net worth individuals (HNIs) has propelled the demand for luxury
goods. However, the growth of the market is dependent on various
micro- and macro-economic factors such as currency devaluation. The
global luxury goods market is witnessing an increase in promotion of
luxury products through various digital platforms. The market players
are trying to tailor their offerings as per the cultural leanings of
consumers across various regions.
Depending on the
product type, the report segments the global luxury goods market into
apparel and leather goods, luxury watches and jewelry,
wines/champagne and spirits, luxury personal care and cosmetics,
fragrances, and others, including luxury pens and tableware. In terms
of revenue, the apparel and leather goods segment was the largest in
2013 and is expected to lead the market during the forecast period.
The expanding travel retail is expected to boost the sales of
products in the fragrances segment. In Latin America and Asia, higher
demand for wines/champagne and spirits is anticipated owing to the
proliferation of pubs and bars.
The report studies
the luxury goods market across four key regions: Asia Pacific, North
America, Europe, and Rest of the World. Europe was the leading luxury
goods market in 2013, followed by North America. Factors such as
profusion of duty-free shops and massive travel retail network
propelled the growth of the Europe luxury goods market. It has been
observed that the per capita expenditure on capital goods in this
region is declining considerably. This can be attributed to the
economic crisis in the Eurozone. Consumers in North America are
anticipated to continue spending money on absolute luxury goods
during the forecast horizon. In the near future, Asia Pacific and
Rest of the World are projected to register a significant growth in
the luxury goods market owing to the growing awareness about the
major fashion brands and the rise in disposable incomes. However, the
lack of distribution channels and outlets in the emerging economies
will restrict market growth.
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Describing the
competitive landscape, the report profiles some of the key players in
the global luxury goods market such as Kering S.A., LVMH Group, Rolex
S.A., Tiffany & Co., Revlon Inc., L’Oreal Group, Coty Inc.,
Prada S.p.A, The Swatch Group Ltd., Compagnie Financière Richemont
S.A., Hermes International SCA, Burberry Group plc, Graff Diamonds,
and Avon Products Inc.
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