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Market Research Report

Luxury Goods Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024

Published On : 2017-09-19 Report Page : 220 Category:Consumer Retail

Global Luxury Goods Market

Market Overview

Luxury goods are the products associated to the luxury, wealth and desired by the prosperous people. Luxury Goods are bought as they differ from the normal goods because of their quality, craftsmanship, precision, history or the price to support the wealthy status. Wearable accessories contribute the major share in the luxury goods market followed by the designer apparels and beauty products. Consumers in emerging regions are expected to continue driving the growth of global luxury goods market. China, UAE, Russia are the largest emerging luxury goods markets, more than 70% of consumers in these countries claims to have increased their spending over luxury goods compared to 53% in more mature markets such as Europe, Japan and United States. In past few year luxury goods industry has been gone through a period of expansion, as major companies have grown by extending their reach of their brand distribution network and opening new stores in new territories.      

Market Segmentation

  • By Product Type
  • Designer Apparel and footwear
  • Accessories
  • Luxury Jewellery
  • Cosmetic and Beauty Products
  • Fine wine & Spirits
  • Others (Electric gadgets, etc)
  • By Distribution Channels
  • Offline Channels
  • Online Channels
  • By Geography
  • North America (US, Canada) {Market Share (%), Market Size (USD Billion), Adoption Market (%)}
  • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Market (%)}
  • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Market (%)}
  • Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Market (%)}
  • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Market (%)}
  • Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Market (%)}

Growth Drivers and Challenges

Growing high net worth income (HNWI) of people across the globe is one of the major factors driving the growth of luxury goods market. Global HNWI value is expected to reach USD 100 trillion by the end of 2025, which showcase the significant growth of expenditures over luxury goods. Rising tourism sector also determines the growth of global luxury goods market. 31% of the global luxury goods were bought in foreign markets by the consumers in which airports contribute about 16% share in 2016. Market players of luxury goods are also acquiring their rival businesses to sustain market competition and to cater untapped regions. For instance, Coty acquired Procter & Gamble's global fine fragrances, salon professional, cosmetics in October 2016. Swiss luxury watchmaker Frederique Constant was acquired by Citizen Watch Co in May 2016. These M&A activities further propels the growth of global luxury goods market. However, geopolitical reasons such as BREXIT and rising terrorism activities have led to the currency fluctuation which adversely affected the growth of luxury goods market in Europe in 2016.    

Market Size and Forecast (2016-2014)

The global luxury goods market is expected to grow at a CAGR of 4.0% over the forecast period i.e. 2016-2024. The global luxury goods market is accounted for USD 214.5 billion in 2015 and anticipated to reach USD 295.7 billion by 2024.

Geographically, North America dominated the global luxury goods market with 34% revenue share in total market. North America is closely followed by the Europe with 32% share in global luxury goods market. Europe's luxury good market is growing on the back of high net worth income of people in the region. Germany accounted for the largest market for luxury goods in Europe and Russia is anticipated to be the fastest growing market in the region. Asia Pacific is the third largest market for the luxury goods across the globe. Both Mainland China and Hong Kong witnessed lower spending over luxury goods with economic uncertainty. Indian market for luxury goods is also affected significantly as a result of regional government strict measure to curb black money such as demonetization. However, India expected to be the bright market for luxury goods and demand is projected to remain strong over the forecast period.

Key Market Players

  • LVMH
  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis
  • Luxottica Group
  • Kering SA
  • The Swatch Group Ltd.
  • Ralph Lauren corporation
  • Hermes International Group
  • L'Oreal Luxe
  • Rolex SA
  • Prada Group
  • Burberry Group plc

Scope Background

Market Synopsis

Market Segmentation

The global luxury goods market is segmented as follows:

  • By Product Type (Market Size, Demand Analysis and Growth Analysis)
  • By Distribution channels Type (Market Size, Demand Analysis and Growth Analysis)

Global Luxury Goods Market Report covered insights of below mentioned regions:

  • North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
  • Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
  • Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
  • Asia-Pacific (China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
  • Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
  • Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

  • Risk Factors
  • Regional Variations
  • Recent Trends and Developments

Key Market Players

  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks


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Luxury Goods Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024

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