Luxury Goods Market to Post 3.4% CAGR to 2020, Untapped Regions to Drive Growth

2024-10-31 09:23:57 News & Society

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Though far from exciting, the growth of the global luxury goods market will remain steady in the near future, says a latest study by Transparency Market Research. The report, titled, ?Global Luxury Goods Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 ? 2020,? pegs the market to report a modest 3.4% CAGR through its six-year forecast period. While the market was valued at US$296.1 billion in 2013, it is forecast to stand at US$ 374.85 billion by the end of 2020. The luxury goods market has been witnessing major growth due to the addition of new high net-worth customers.. A major transformation has happened with regard to lifestyle of wealthy young and affluent customers, who are extremely brand-conscious these days. Companies are forming various strategies to cater to customers in the most effective manner. Development of mobile applications, websites, and campaigns on social networking sites are some initiatives companies are adopting in order to attract new customers and engage old ones. The global luxury goods market is characterized by large number of mergers and acquisitions, thus making it highly consolidated in the near future. Different segments adopt unique strategies to develop their product lines. Some companies are focusing on distribution, while others are producing unique high-priced products in the form of limited editions.

Browse The Market Research Report of Global Luxury Goods Market :
http://www.transparencymarketresearch.com/luxury-goods-market.html

This study offers a competitive analysis of the global luxury goods market by type and by geography. The report also contains further segmentation by type across major geographies. In addition, it provides current and forecast market size by revenue for major luxury products for the period 2014?2020. The report discusses current and future trends for major regions and countries in a precise manner. Furthermore, the report also presents the current market size of each country in major regions and their respective projected market size in 2020. Major players in the global luxury goods market include LVMH Group, Kering S.A., Rolex S.A., L?Oreal Group, Tiffany & Co., Coty, Inc., The Swatch Group Ltd., Prada S.p.A, Compagnie Financi?re Richemont S.A., Hermes International SCA, Graff Diamonds, Burberry Group plc, Revlon, Inc., and Avon Products, Inc.

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The global luxury goods market is expected to grow moderately over the forecast period. However, the market in Rest of the World (RoW) and Asia Pacific (APAC) is likely to grow at a healthy CAGR, owing to major lifestyle changes among consumers in these regions. In addition, consumers in these regions are well-informed about the various fashion trends around the world. Therefore, the market in RoW and APAC regions are poised to grow briskly between 2014 and 2020. The market has been segmented by product type into luxury watches & jewelry, apparels and leather goods, luxury personal care & cosmetics, wines/champagne and spirits, fragrances, and others.

Browse Press Release of Global Luxury Goods Market :
http://www.transparencymarketresearch.com/pressrelease/luxury-goods-market.htm

The report includes major drivers of the luxury goods market in the present scenario. Additionally, restraints and opportunities for the same are discussed in detail. The market overview comprises value chain analysis, which describes various stages where companies can add value and strengthen their positions in the market. Furthermore, the report analyzes macro economic factors influencing and inhibiting growth of the global luxury goods market. Porter?s Five Forces analysis offers insights on market competition throughout its value chain. The market attractiveness analysis highlights key investing areas in this industry.

Extensive secondary research and primary interviews has been performed to capture only genuine information for analysis in this report.

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The global luxury goods market here refers to the market by type and by geography, and is categorized into the following segments:

Global luxury goods market by type

The different types covered under this research study are defined as follows:

Luxury Watches & Jewelry
Apparels and Leather Goods
Luxury Personal Care & Cosmetics
Wines/Champagne and Spirits
Fragrances
Others (tableware, luxury pens)

In addition, the report provides a cross-sectional analysis of all the above segments with respect to the following geographical markets:

North America
Europe
Asia-Pacific
Rest of the World

In-depth research and high-level analysis will enable market vendors and research and development agencies to make informed decisions about the global luxury goods market, formulate growth strategies, and gain competitive advantage. This study serves to assist manufacturers, suppliers, distributors, and retailers in this market and industry to formulate and develop their strategies.

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.