DUBLIN–(BUSINESS WIRE)–The “Luxury Goods – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
The global luxury goods industry is in a transformative stage, due to factors such as digital advancements, new technologies, increasing wealth of individuals, fluctuating currencies, changing marketing strategies of players and growing media influence. The popularity of e-commerce platforms for purchase of luxury goods is also expected to spur growth. Several luxury companies have been utilizing the current crisis for the development and execution of an omnichannel and online strategy. During the COVID-19 crisis, e-commerce has managed to attract new markets and customer segments in China, and a similar trend is also expected to be witnessed in other geographies. Further the pent-up demand for especially amongst Millennials and Generation Z customers is expected to positively impact the market in the post COVID period. Though online sales of luxury goods are increasingly cannibalizing physical store sales, brick and mortar sales are expected to continue contributing to a high share in the coming years.
Amid the COVID-19 crisis, the global market for Luxury Goods estimated at US$224.8 Billion in the year 2020, is projected to reach a revised size of US$296.9 Billion by 2026, growing at a CAGR of 4.8% over the analysis period.
Apparel, one of the segments analyzed in the report, is projected to record a 6.2% CAGR and reach US$93.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cosmetics & Perfumes segment is readjusted to a revised 5.1% CAGR for the next 7-year period. Global market for luxury apparel is significantly influenced by consumer spending levels and spending of high net worth consumers. The sales of luxury apparel are being fostered by the growing influence of social media platforms and rising sales through e-commerce channels.
The Luxury Goods market in the U.S. is estimated at US$51.2 Billion in the year 2021. China, the world’s second largest economy, is forecast to reach a projected market size of US$31.6 Billion by the year 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.
Key Topics Covered:
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/qvb3zq
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900