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Luxury Goods Market Research Report reviews the growth drivers and the current and future trends. The Luxury Goods Market consists of a number of players. The company profiling of the above Luxury Goods Market players has been done in the report consisting of their business overview, financial overview and the business strategies adopted by the companies with Forecast Period 2022-2030.
Global Luxury Goods Market (2022-2030) research report offers Proficient analysis on market size, share, drivers, restraints, and so on. Moreover, this report includes the approximate study of different segments in terms of overall growth, development, opportunity, business strategies, procedures etc. for the forecast period of 2030. The report contains the fundamentals produced and advancements by different application Share and The latest trend gaining momentum in the market that increases awareness about Luxury Goods market. The report supplies a comprehensive analysis of business aspects like global Luxury Goods market size, recent technological advances, and inventions. The research report consists of: introduction of the market, key players, opportunities, restraints, product and type classification, and overall market analysis.
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About Luxury Goods Market:
Luxury goods are products of superior performance. Such goods have distinctive craftsmanship and exclusivity that draw buyers to these goods. Consumers and individuals strongly crave luxury items to increase their social status and self-worth. These goods are widely available and can be bought through different distribution outlets, such as wholesale, online, or e-commerce.
Market Highlights
Luxury Goods Market is expected to project a notable 3.9% in 2030.
Luxury Goods Market to surpass USD 115.3 Billion by 2030 from USD 29.7 Billion in 2019 in terms of value growing at a 3.9% throughout the forecast period, i.e., 2021-30. Significant factors driving global market growth are growing numbers of high-net-worth individuals worldwide, increasing people’s disposable income, and increasing spending on luxury goods. In addition, increasing consumer demand for various luxury goods such as jewelry, fragrances and perfumes, cosmetics, clothes, and many more is a key factor expected to drive the growth of the target market due to improved living standards and lifestyles. Growing penetration of the e-commerce industry along with the number of smartphone users around the world are some other factors that are expected to proliferate growth in the global market, resulting in demand for different luxury goods. Moreover, the increasing tendency of jewelry, cosmetics, watches, wine, and spirit products worldwide to buy luxury products is another key factor expected to help the growth of the global luxury goods market during the forecast period due to their premium quality, uniqueness in design, and socioeconomic significance. Besides, other factors that are expected to drive target market growth over the coming years are growing product advertising across social media and increasing perception of personal appearance.
Luxury Goods Market: Segments
Accessories and other luxury goods segment to grow with the highest CAGR during 2021-30
Luxury Goods Market is segmented by product type as designer apparel and footwear, cosmetics, travel goods, fine wines/champagne, jewelry and timepieces, and other luxury goods. The designer apparel and footwear segment is estimated to lead the market with a share of over in 2019 followed by jewelry and timepieces. However, the accessories and other luxury goods segments are likely to grow at a fast pace during the forecast period, especially in emerging markets. As the industry experiences an increase in demand for all product segments, manufacturers focus on the craftsmanship and quality of the product. The market for designer wears is high due to regular changes / modifications in fashion style. Trends in fashion mainly depend on culture. Fashion designers face difficulties in adapting their designs to meet consumer requirements due to the differences in cultures between clients in developing economies and those in developed economies.
Female Segment to grow with the highest CAGR during 2021-30
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Luxury Goods Market is segmented by Gender into Male and Female. The Female segment accounted for the largest revenue share of in 2019 owing to the growing demand among the female population for different luxury items such as cosmetic products, apparel and leather goods, and jewelry and watches, according to current fashion trends around the world. Moreover, the producers of luxury goods are now making significant investments to gain the interest of the younger segment of the population, which includes the potential buyers of luxury goods. Attempts to create demand from the younger generation are likely to drive growth in the world market for luxury goods.
Luxury Goods Market: Market Dynamics
Drivers
Increase in the Rate of Urbanization
Increase in the urban population is one of the influencing factors for the demand for luxury goods. The way people live is influenced by urban culture. In reality, over one-fourth of the world’s population lives in rural areas. The influence of this factor is expected to increase over the forecast period, thus fueling the demand for luxury goods. The standard of living among individuals is rising due to higher disposable incomes, lifestyle changes, and a rise in corporate culture. In developing countries, the increased influx of multinational corporations has popularized the market culture of expensive and luxury products. Online purchases are the latest growth in the global luxury goods industry. An increase in the number of online portals as well as their rising popularity has fueled the growth of the industry. Growth in the number of working professionals and busy lifestyles augmented by technological knowledge are the key factors responsible for improving online sales. Online purchases also offer options for direct-to-home delivery, which is one of the key driving factors for both urban and semi-urban clients. The growth in online sales has been limited to developed countries, but in developing countries, it has recently gained prominence.
Restrain
Rising availability of counterfeit products
Increased market availability of counterfeit goods, unpredictable economic conditions in developed and developing countries around the world, and currency depreciation are some of the key factors that may limit global market development. The previous economic recession had a negative impact on worldwide luxury goods sales. Market limiting variables may be currency volatility and fewer brand outlets in developing economies. In the luxury goods sector, raw materials also play a critical role and their prices have risen dramatically in the past few years.
Luxury Goods Market: Key Players
The Estee Lauder Companies Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
LOral International
LVMH Group
Kering SA
The Shiseido Company, Ltd.
Prada S.p.A.
Ralph Lauren Corporation
Swatch Group
Luxottica Group S.p.A
Compagnie Financire Richemont SA
Luxury Goods Market: Regions
Luxury Goods Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
Luxury Goods Market in Europe led the market with a lion share of more than in 2019 and is projected to maintain its lead over the forecast period followed by the market in North America, because of the high disposable income of individuals, the high capacity to spend on luxury goods and the large availability of luxury goods in countries in the region, such as Germany, France, the US, and Canada. The Asia-Pacific market is projected to expand significantly in the global market, followed by the Latin American and Middle East and African markets, owing to rising luxury goods spending by individuals, the increasing e-commerce industry, and the growing customer base in countries within these regions.
Competitive Landscape:
Luxury Goods market, which is highly competitive, consists of several major players such as The Estee Lauder Companies Inc., LOral International, LVMH Group hold a substantial market share in the Luxury Goods market. Other players analyzed in this report are Kering SA, The Shiseido Company, Ltd., Prada S.p.A., Ralph Lauren Corporation, Swatch Group, Luxottica Group S.p.A, and Compagnie Financire Richemont SA. LVMH Mot Hennessy-Louis Vuitton SA among others.
Luxury Goods Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR North Africa, Israel, GCC, South Africa, and Rest of MENA
Luxury Goods Market report also contains analysis on:
Luxury Goods Market Segments:
By Product Type:
Designer apparels and Footwear
Jewelry
Accessories
Cosmetics
Fine Wines/Champagne and Spirits
Travel Goods
Others
By Gender:
Male
Female
By Mode of Sale:
Retail
Online
Luxury Goods Market Dynamics
Luxury Goods Market Size
Supply and Demand
Current Trends/Issues/Challenges
Competition and Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on Luxury Goods Market
Which segment is anticipated to hold the largest market share?
At what CAGR is the market anticipated to grow between 2020 and 2030?
Who are the key players in the Luxury Goods Market?
What could be the challenging factors in the growth of Luxury Goods Market?
What are the growth drivers for the Luxury Goods Market?
The Luxury Goods Market report provides insight into main drivers, challenges, opportunities and risk of the market and strategies of suppliers. Key players are profiled as well with their market shares in the global Luxury Goods Market discussed. Overall, this report covers the historical situation, present status and the future prospects.Additionally, the worldwide market is segmented based on type, application, deals, and area. It contains numbers, regions, revenue, and offers just as the thorough computation of the business chain structure, opportunities, industry news analysis. The application portion shows the employments of the product.
The Luxury Goods Market report also covers a detailed comprehension of the major geographies present in the market along with the key segments and sub-segments. The report focuses on regional development status, which includes the market size, share, and volume. The global Luxury Goods market is segmented on the basis of application, end user, and region, with focus on manufacturers in different regions. The study has detailed analysis of different factors that increase the industries growth. This study also provides the scope of different segments and applications that can potentially influence the industry in the future. Pricing analysis is covered in this report according to each type, manufacturer, regional analysis, price. Luxury Goods Market report provides overview of market value structure, cost drivers, various driving factors and analyze industry atmosphere, then studies global outline of industry size, demand, application, revenue, product, region and segments. In addition, this report introduces market competition situation among the distributers and manufacturers profile, besides, market value analysis and cost chain structure are covered in this report.
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This report provides detail analysis of the market and have a comprehensive understanding of the Luxury Goods market and its commercial landscape. Learn about the various market strategies that are being adopted by leading companies.It provides a five-year forecast assessed based on how the Luxury Goods market is predicted to grow.It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.To understand the future scope and outlooks for the Luxury Goods market.Luxury Goods Market Forecast by regions, type and application, with sales and revenue, from 2022.Luxury Goods Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
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Detailed TOC of Global Luxury Goods Market Outlook to 2031
1.Executive Summary
2.Luxury Goods Market
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. Research Methodology
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4.Average Pricing Analysis
5. Macro-Economic Indicators
6.Market Dynamics
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7.Correlation and Regression Analysis
7.1. Correlation Matrix
7.2. Regression Matrix
8.Recent Development, Policies and Regulatory Landscape
9. Risk Analysis
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10.Luxury Goods Analysis
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11 Luxury Goods Market
11.1. Market Size and forecast, 2019A-2031F
11.1.1. By Value (USD Million) 2019-2031
11.1.2. By Volume (Million Units) 2019-2031
12.Luxury Goods: Market Segmentation
12.1. By Regions
13. Company Profile
13.1.2. Company Overview
13.1.3. Company Total Revenue (Financials)
13.1.4. Market Potential
13.1.5. Global Presence
13.1.6. Key Performance Indicators
13.1.7. SWOT Analysis
13.1.8. Product Launch
14. Consultant Recommendation
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