Infinium Global Research has added a new report on Luxury Goods Market. The report presents analysis of global as well as regional markets of luxury goods market over the period of 2016 to 2024. 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 product through picture, 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 the 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 which 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 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 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 are expected to boost the demand of luxurious items in the medium and long run.
Europe dominates the global market for luxury goods and is followed by North America. It is expected that during the forecasted period Europe will maintain its dominance in this market. As Europe is considered one of the best market 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 departmental 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, the growth of financial services. Additionally, several luxury brands companies are approaching towards Asia-Pacific due to low manufacturing cost, and growing market of luxuries items are 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. Moreover, the growth matrix presented by Infinium Global Research identifies the key investment markets in the near future, this will not only help the companies to understand the competitive position in the global luxury goods market but also make strategic decisions to capture the most lucrative markets in the near future. The market size is presented in terms of value for the historic year 2016 and estimated for forecast period of 2018-2024.
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The recent report identified that North America dominated the global luxury goods market over the last couple of years, while emerging markets of Asia-Pacific and Latin America are anticipated to contribute significantly to the growth in the luxury goods market worldwide.
The report segments the global luxury goods market on the basis of Product type and Mode of Sale.
Global Luxury Goods Market by Product Type
· Designer Apparel & Footwear
· Cosmetics & Beauty Products
· Fine Wines/champagne & Spirits
· Travel Goods
Global Luxury Goods Market by Mode Of Sale
Companies Profiled in the Report
· 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
· Compagnie Financire Richemont SA
About Infinium Global Research
Infinium Global Research is a business intelligence company that provides its clients with market information services, solutions, and reports. The intelligence reports include qualitative as well as quantitative information, which are blended using forecasting models in order to project future market demand. Our panels of Subject Matter Experts (SMEs), Analysts, and Consultants use numerous data gathering tools in order to provide you with detailed information on the market as well as a preview of its projected growth. Our repository includes the largest and most credible databases, through which we determine various qualitative and quantitative parameters of the market to provide you with an in-depth business intelligence report.
Infinium Global Research reports and consulting services cover numerous sectors, which include healthcare, chemicals, materials, energy, packaged goods, food and beverages, technology, and communications. These reports provide readers with market insights and detailed analysis of market segments to possible micro levels. Our reports, with stratified research methodology and wider scope of analysis, provide clients with crucial insights and information to meet their every requirement.
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