Dublin, March 21, 2022 (GLOBE NEWSWIRE) -- The "Luxury Goods - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global luxury goods industry is in a transformative stage, due to factors such as digital advancements, new technologies, increasing wealth of individuals, fluctuating currencies, changing marketing strategies of players and growing media influence. The popularity of e-commerce platforms for purchase of luxury goods is also expected to spur growth. Several luxury companies have been utilizing the current crisis for the development and execution of an omnichannel and online strategy. During the COVID-19 crisis, e-commerce has managed to attract new markets and customer segments in China, and a similar trend is also expected to be witnessed in other geographies. Further the pent-up demand for especially amongst Millennials and Generation Z customers is expected to positively impact the market in the post COVID period. Though online sales of luxury goods are increasingly cannibalizing physical store sales, brick and mortar sales are expected to continue contributing to a high share in the coming years.
Amid the COVID-19 crisis, the global market for Luxury Goods estimated at US$224.8 Billion in the year 2020, is projected to reach a revised size of US$296.9 Billion by 2026, growing at a CAGR of 4.8% over the analysis period.
Apparel, one of the segments analyzed in the report, is projected to record a 6.2% CAGR and reach US$93.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cosmetics & Perfumes segment is readjusted to a revised 5.1% CAGR for the next 7-year period. Global market for luxury apparel is significantly influenced by consumer spending levels and spending of high net worth consumers. The sales of luxury apparel are being fostered by the growing influence of social media platforms and rising sales through e-commerce channels.
The Luxury Goods market in the U.S. is estimated at US$51.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$31.6 Billion by the year 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.
Luxury watches market benefits from the product being perceived as a status symbol among wealthy adults. Increasing penchant for lifestyle products and growing prevalence of gift giving culture are also fueling sales of luxury watches. Popular brands in this segment include Rolex, Baume & Mercier, Cartier and Omega. In the global Watches & Jewelry segment, USA, Canada, Japan, China and Europe will drive the 3.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$34.2 Billion in the year 2020 will reach a projected size of US$44.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$8.5 Billion by the year 2026, while Latin America will expand at a 4.8% CAGR through the analysis period.
Select Competitors (Total 175 Featured) -
- Burberry Group Plc
- Chanel S.A.
- Cie Financiere Richemont SA
- Giorgio Armani SpA
- Hermes International S.A.
- Kering S.A.
- L'Oreal S.A.
- Luxottica Group S.p.A.
- LVMH Moet Hennessy Louis Vuitton
- Mulberry Group PLC
- Prada S.p.A.
- Ralph Lauren Corporation
- Rolex SA
- The Estee Lauder Companies Inc.
- The Swatch Group Ltd.
- Gianni Versace S.r.l.
Key Topics Covered:
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- High Net Worth Individuals and Changing Lifestyles Boost Luxury Goods Market
- Millennial Population as a Percentage (%) of Total Population in Select Countries: 2019
- Notable Trends Impacting Global Luxury Goods Industry
- Affordable Luxury to Influence Market Outlook
- Rising Sales of Second Hand Luxury Goods
- Role of Digital Technologies in Shaping the Luxury Goods Market
- Augmented Reality Transforms Luxury Retail Experience
- Artificial Intelligence: Playing a Critical Part in Personalizing Shopping Recommendations
- Luxury Watches: A Strong Growth Driver for the Watch Market
- Swiss Watches: The Primary Luxury Watch Category
- Global Swiss Watch Exports: Percentage Breakdown of Export Value by Region for 2019
- Online Channels: A Possible Way Out for Luxury Watchmakers
- Global Luxury Watch Market: Percentage Breakdown of Sales by Distribution Channel for 2019
- Luxury Footwear Designers Gain Traction
- Affordable Luxury: Not just an Oxymoron in Footwear Space
- Luxury, Premium Fragrances: Key Segment in Overall Fragrances & Perfumes Market
- Pandemic Hurts Prospects of Luxury Apparel Brands
- Resale of Luxury Apparel Gains Momentum
- E-Commerce Retail Spurs Sales of Luxury Goods
- Popular Luxury Brands Online: Percentage Share of Search Interest by Brand for 2020
- Counterfeits: A Major Concern for the Luxury Goods Market
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/sgnhvx
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