Luxury Goods Market – Global Industry Analysis, Size, Share, Trends and Forecast 2018 – 2024

 The Infinium Global Research analyzes the Luxury Goods Market over the period of 2018 to 2024. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in the global luxury goods market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of luxury goods. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encourage the expansion of the luxury goods market during the period. The global luxury goods market is projected to grow at a CAGR of 2.9% over the forecast period of 2018-2024.

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The word "luxury" originated from the Latin word “Luxus,” that means indulgence of the senses, regardless of the cost. A luxury good is a good for which demand increases more than proportionally as income rises and is a contrast to a "necessity good", where demand increases proportionally less than income. Luxury goods are often used synonymously with superior goods and Veblen goods. The luxury goods market includes apparel and leather goods, luxury watches and jewelry, personal care products and cosmetics, wines/champagne and spirits, fragrance and perfumes, and others.

The global luxury goods market is growing due to the rising number of high net worth individuals (HNIs) in every nation, and increasing disposable income among the growing middle-class population. New consumers are getting lots of media exposure about several luxurious products through picture, internet, print media and other sources. They are craving those products and finally they are buying to boost their image in society. Additionally, increasing spending on luxury products improves the living standard of rich people. It also provides satisfaction to them and provides chances to boost their richness to other people. There are several factors which are helping to boost the market such as growing industrialization, increasing disposable income among neo-rich and middle-class people.

Further, the growth of financial organizations which are financing the modern luxuries goods, and charging minimal interest rate or virtually nothing to attract lots of consumers towards them is helping to boost the market exponentially. The rise in corporate culture, which is promoting nuclear families, who are extra cash rich are getting lots of exposure to luxury goods are craving to purchase those products to increase their societal status. In addition, the rising number of organized retail and wholesale stores and financing facilities offered by them are helping to boost the market globally.

However, uncertain economic situations are some of the major factors that could hamper market growth. The 2007-2009 economic slowdown had a negative effect on the sales of luxury goods, globally. Currency fluctuations and a smaller number of brand outlets in developing regions could be the market restraining factors. Growing capitalization, increasing disposable income of middle-class people in the developed and developing countries, the keen focus of manufacturers and advertising firms are expected to boost the demand of luxurious items in the medium and long run.

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Europe Dominates the Global Market for Luxury Goods

Europe dominates the global market for luxury goods and is followed by North America. It is expected that during the forecast period Europe will maintain its dominance in this market. Europe is considered one of the best markets for costly fashion and luxury brands items, due to the fondness of European people towards luxury goods and precious items. In addition, the rising number of high-end department stores and increasing use of online stores within Europe will further benefit the market to gain traction.

Additionally, Asia Pacific’s luxury goods market is growing at the highest CAGR, due to the growing number of neo-rich, increasing disposable income among middle-class consumers, and the growth of financial services. Additionally, several luxury brands companies are approaching Asia-Pacific due to low manufacturing cost, and the growing market of luxuries items is helping to boost the market. Further, advertisement companies are targeting these middle-class people for their luxurious products, which is inducing the demand for luxury goods in these regions.

Segment Covered

The report on the global luxury goods market covers segments such as product type and mode of sale. On the basis of product type, the global luxury goods market is categorized into designer apparel & footwear, jewelry, accessories, cosmetics & beauty products, fine wines/champagne & spirits, travel goods and others. On the basis of the mode of sale, the global luxury goods market is categorized into retail and online.

Major Key Players Mentioned in this Premium Report

The report provides profiles of the companies in the global luxury goods market such as, The Estee Lauder Companies Inc., LOral International, LVMH Group, 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.

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Report Highlights:

The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global luxury goods market. Moreover, the IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of luxury goods market.

Moreover, the study highlights current market trends and provides forecasts from 2018-2024. We also have highlighted future trends in the luxury goods market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market gives an insight into the market share of the leading players. This report will help manufacturers, suppliers and distributors of the luxury goods market to understand the present and future trends in this market and formulate their strategies accordingly.