Luxury Goods market has seen a lot of changes over the past two decades. The speed with which consumer’s choice of products is changing, it is eventually creating a competitive market amongst luxury good providers.
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The geopolitical Impact, not competent data analysis and issues with Chinese economic, are some of the issues that are restricting the growth of global luxury market size. Furthermore, improper infrastructure, growing taxes, high rentals and the growth of parallel market for duplicate products are some points hampering the luxury goods market size. Another restraining factor is the absence of brand stores across developing countries.
The global luxury market size is segmented on type, gender, region and source of buy. On the basis of type it is divided as Vehicles, Designer apparels & Footwear, Cosmetics, Travel, Goods fine wines, Jewelry, electronics and many more. The range of luxury goods for Male is different than that for female. On the basis of sales mode it can be divided as wholesale, retail and online. Based on region it can be divided as North America, Europe and Asia-Pacific.
The growing brand awareness amongst consumers has ensured a steady rise in luxury goods market. Some of the reasons for this upsurge in market are increased net income of house, growing awareness of internet, ease of use of internet and growing urban population. Internet has reached across the world and has made people aware of various luxury products. The luxury goods market trends also showcases higher sales in e-commerce platform v/s retails show rooms. The comfort of getting the product home-delivered along with easy exchange/return policies are some factors helping the online Luxury Goods market grow.
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Luxury goods are expensive products with optimum quality. More than necessity, Luxury goods are a status symbol for individuals. The global luxury market has witnessed a significant growth owing to the economic development and growing spending capacity in Asia-Pacific, Latin America, Middle East and Africa regions.
Buyers can buy luxury goods from retail, wholesale or online sources. Retail shopping of luxury goods gives an opportunity to directly connect with the customer and establish a relation. The wholesale methodology gives larger options of the market whereas the online option gives buyers the flexibility of shopping as per convenience. The current luxury goods market trends shows a steady growth in online source of shopping.
Asia Pacific contributes the most to the luxury goods market size. This is due to the growth in technology and consumer spending capacity. The improvement in standard of living in these developing countries have empowered them to shift from normal goods to luxury goods. China contributes XX% of business in the global luxury market size, making it the biggest contributor.
Based on the type of luxury good there are many key leaders in the market. While some companies cater to a particular type, some to more than others. Some popular names are Louis Vitton, Compagnie Financiere Richemont SA and Luxottica Group SpA and many more.
The various segments of global luxury market are,
Apparels and Leather Goods
Wines/Champagne and Spirits
Luxury Watches & Jewelry
Luxury Personal Care & Cosmetics
Others (Tableware, Luxury Pens)
Rest of the World
What to expect from the upcoming report on ‘global luxury market’:
– Future prospects and current trends of the global luxury market by the end of forecast period (2018-2025)
– Information regarding technological progressions as well as innovations across the world
– Supportive initiatives by government likely to influence the market dynamics.
– In-depth analysis of different market segmentations including regional segmentations, applications and types.
Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
– Trends, drivers, opportunities, restraints, challenges and key developments in the market
Who should buy this report?
Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
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This post was originally published on The Picayune Current