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.
Research Beam added report on “World Luxury Goods Market Overview, Analysis, Demand, Report, Trends, Growth and Research – Global Luxury Goods Market – Opportunities and Forecasts, 2014-2022”
Research Beam study says Luxury Goods Market is expected to garner $429,762 Million by 2022, growing at a prominent CAGR of 3.9% from 2016 to 2022, Request Sample Copy @ www.researchbeam.com/luxury-goods-market/request-sample
Luxury goods are high-value products in terms of price and quality. These goods are mostly considered as status symbols for individuals.
The global luxury goods market has significantly benefited from the economic growth in the Asia-Pacific and LAMEA regions. Increase in spending capacity of consumers and rise in living standards are expected to boost the market growth.
Countries in the developing regions, such as China, India, South Korea, UAE, and Brazil exhibit promising opportunities for luxury goods manufacturers. Increase in GDP along with growth in sales of luxury brands have boosted the market growth.The luxury goods industry has witnessed an upsurge in their demand in the recent years, owing to inclination of consumers towards luxury goods and increased preference for premium products over cost-effective products.
Advancements in online marketing and increase in use of digital media for product marketing are the key factors contributing to the growth of the global luxury goods industry. Increase in adoption of technologically advanced and high-tech products would contribute to the growth of e-commerce websites for luxury goods.
Luxury Goods market is segmented based on product type, gender, mode of sale and geography. The overall luxury goods market size is the summation of the revenues generated from luxury products, such as designer apparels & footwear, cosmetics, travel goods, fine wines/champagne, jewelry & time pieces and other luxury goods.
The designer apparels & footwear segment has a major share in this market, followed by jewelry & time pieces. However, accessories and other luxury goods segment is likely to grow at a fast pace, especially in emerging markets, throughout the forecast period.
The manufacturers are focusing on craftsmanship and quality of the product, owing to which the market would witness a surge in the demand for all product segments.
The key players profiled in the report include 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. LVMH Mot Hennessy-Louis Vuitton SA holds the highest luxury goods market share among others.
• The study provides an in-depth analysis of the global luxury goods market, with current trends and future estimations to elucidate on the imminent investment pockets.
• The report provides a detailed impact analysis and information on luxury goods market trends, restraints, and opportunities.
• Porters Five Forces Model illustrates market scenario by analyzing various parameters such as threat of new entrants, threat of substitutes, strength of the buyers, and strength of the suppliers operating in the market.
• The value chain analysis signifies the key intermediaries involved and elaborates their roles and value additions at every stage.
• The quantitative analysis of the luxury goods market size from 20142022 is provided to elaborate the market potential.Research Beam
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