By Infinium Global Research Aug, 2020
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 pictures, internet, print media, and other sources. They are craving those product and finally, they are buying to boost their image in society. Additionally, increasing spending on luxury products improves the living standard of rich persons. It also provides satisfaction to them and provides chances to boost their richness to other people. There are several factors that are helping to boost the market as growing industrialization, increasing disposable income among neo-rich and middle-class people. Further, the growth of financial organizations that are financing the modern luxury 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 is getting lots of exposure to luxury goods are craving to purchase those products to increase their social 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 the market growth. The 2007-2009 economic slowdown had a negative effect on the sales of luxury goods, globally. Currency fluctuations and less 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 is expected to boost the demand for luxurious items in the medium and long run.
The report on Global Luxury Goods Market covers segments such as product type and mode of sale. The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The report provides profiles of the companies in the global 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.