Luxury Goods Market: Rising Number of High Net Worth Individuals Among the Growing Population

Transparency Market Research (TMR) notes that the global luxury goods market is categorized by the presence of several large and small players operating in it. Thus, the market bears a highly fragmented vendor landscape. The competition between the handful numbers of established vendors is getting intensified as they vying to gain the attention of millennials and the post millennials.

Out of the various strategic alliances adopted by players in the global luxury goods market to stay ahead of the competitors, attracting particular age groups through launching new products and using the age groups as a target audience have gained popularity. The global luxury goods market is expected to grow steadily due to the existence of potentially large players who are focusing hard on making affordable luxury items for luring the consumers from emerging economies. Some of the leading players in the global luxury goods market are Burberry Group plc, Tiffany & Co, L’Oreal Group, LVMH, and Prada S.p.A.

The TMR report projects the global luxury goods market to register an impressive CAGR of 3.40% from 2014 to 2020. The market stood at US$296.15bn in 2013. By the end of 2020, the market will be worth US$374.85bn, predicts the report.

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Among various products in the market, the demand for apparels and luxury goods is expected to remain high in the next few years, owing to the growing millennials’ preferences in mixing and matching luxury apparels with normal products. Region wise, Europe is expected to account for the leading share in the global luxury goods market in the coming years. This is attributed to a flourishing fashion and luxury brands and rising number of high-end departmental stores in the region.

Rapid Urbanization, Rising Disposable Income Stokes Demand for Luxury Goods

Luxury goods are mainly high-value products in terms of quality and price. Such goods have become a status symbol for many individuals. Rising living standards globally, and growing spending capacity of consumers are the main factors driving the growth in the global luxury goods market. Many players in the global luxury goods market are focusing to introduce various tailor-made products matching to the prevailing trends to meet the consumer demand. However, growing demand for new variety of luxury goods, and increasing creative and advanced marketing activities through online platforms is also propelling growth in the global luxury goods market.

Furthermore, flourishing e-commerce industry, and increasing demand for expensive travel goods and leather apparel is also fueling growth in the global luxury goods market. Various luxury jewelry and watches, fragrance and perfumes, cosmetics and personal care products, apparels, and wine/champagne comes under the category of luxury goods. A trend in setting own way of styles among the consumers is also boosting the global luxury goods market. Along with these, growing addiction towards branded materials, and rising millennial population worldwide is also fueling demand in the global luxury goods market.

Uncertain Economic Situations Hinder Market Growth

A few challenges hindering the growth of the global luxury goods market are high costs of raw materials, economic slowdown, and less number of brand outlets in developing economies. Nonetheless, growing demand for designer footwear and apparels is believed to help industry players overcome these challenges in the near future.

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