Pune, India, March 01, 2023 (GLOBE NEWSWIRE) -- The global luxury goods market size is set to gain traction from the introduction of fashion-forward and innovatively created products. This information is given by Fortune Business Insights™ in a new report, titled, “Luxury Goods Market Size, 2020-2027.” The report further states that the luxury goods market size was USD 316.16 billion in 2019. It is projected to grow from USD 257.26 billion in 2020 to USD 352.84 billion in 2027 at a CAGR of 4.6% in the forecast period.
COVID-19 Pandemic: Surging Purchase of Essential Items to Affect Growth Negatively
The COVID-19 pandemic has taken a huge toll on the global economy. The demand for luxury goods declined amid the crisis because of the inclination of people toward purchasing only essential products. Working groups have faced reductions in their salaries and loss of employment. At the same time, stay-at-home orders have drastically lowered the demand for premium goods. We are offering detailed research reports to help you gain a competitive edge in the luxury goods industry.
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Luxury Goods Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 4.6% |
| 2027 Value Projection | USD 352.84 billion |
| Base Year | 2019 |
| Luxury Goods Market Size in 2019 | USD 316.16 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 160 |
| Segments Covered | By Product Type, By End-User, By Distribution Channel, By Geography |
| Luxury Goods Market Growth Drivers | Inclination towards Sustainable Products to Offer Growth Opportunities |
| Rising Number of Wealthy Population to Boost Market Expansion |
The Luxury Goods Market Report covers potential improvement drivers as properly as the modern-day key of market share, penetration of a number of kinds, technologies, applications, and areas through forecast till 2027.
How will you analyse the competitional analysis between top key players included in the report?
With the aim of clearly revealing the competitive state of the industry, we concretely analyse not only the leading plyers that have a voice on a global scale, but also the regional small and medium-sized players that play key roles and have plenty of potential growth.
Who are some of the key players operating in the Luxury Goods Market and how high is the competition 2023?
- The Estée Lauder Companies Inc. (New York, U.S.)
- Luxottica Group SpA (Milan, Italy)
- The Swatch Group Ltd. (Biel / Bienne, Switzerland)
- L’Oréal Group (Clichy, France)
- Ralph Lauren Corporation (New York, U.S.)
- Shiseido Company, Limited (Tokyo, Japan)
- LVMH Moët Hennessy-Louis Vuitton SA (Paris, France)
- Compagnie Financière Richemont SA (Geneva, Switzerland)
- Kering SA (Paris, France)
- Chow Tai Fook Jewellery Group Limited (Central, Hong Kong)
What are the major information sources?
Both Primary and Secondary data sources are being used while compiling the report.
Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users. Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.
Drivers & Restraints-
Increasing Demand from High-income Groups to Favor Growth
Luxury goods are mainly purchased by the high-income group across the globe. Oxfam International’s data, for instance, declared in January 2020 that approximately 2,153 billionaires residing worldwide possess more wealth than around 4.6 billion people who make up 60% of the global population. Hence, the increasing wealthy population would bolster the luxury goods market growth in the near future. However, the trends of selling and buying counterfeit products at cheaper rates that resemble original ones may hamper growth.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/luxury-goods-market-103866
Luxury Goods Market - Segmentation Analysis:
Which segment is expected to lead the global Luxury Goods Market Market during the forecast period?
Segment-
Clothing Segment to Remain at the Forefront Backed by High Demand from Men & Women
Based on the product type, the clothing segment generated 28.79% in terms of the luxury goods market share in 2019. This growth is attributable to the increasing demand for men and women globally. The bags segment is anticipated to exhibit rapid growth in the upcoming years stoked by the high demand for leather-based products.
Which regions are dominating the Luxury Goods Market growth?
Regional Insights-
Rising Disposable Incomes to Drive Growth in North America
Geographically, Europe earned USD 103.86 billion in 2019 in terms of revenue. It is likely to lead the market throughout the forthcoming years because of the presence of numerous manufacturers in the region, such as Burberry, LVMH, and L’Oréal. In North America, the presence of many rich people in the U.S. would accelerate growth. The market for luxury goods in Asia Pacific is likely to grow at a fast pace fueled by the high disposable incomes of people. Besides, the increasing number of working women in the region would propel growth.
Competitive Landscape-
Key Players Aim to Compete with Rivals by Launching Unique Products & Merging with Others
The global market for luxury goods houses a large number of companies that are mainly aiming to strengthen their positions worldwide. To do so, they are adopting the merger and acquisition strategy. Also, some of the others are introducing novel luxury goods to attract more customers.
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Detailed TOC of Luxury Goods Market Research Report 2023 - Market Size, Current Insights, and Development Trends:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Industry Trends
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID-19
- Global Luxury Goods Market Analysis, Insights, and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Watches & Jewelry
- Perfumes & Cosmetics
- Clothing
- Bags/Purses
- Others (Footwear, Eyewear, etc.)
- By Distribution Channel (Value)
- Online
- Offline
- By End-User (Value)
- Men
- Women
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued…!
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Check out more Related Insights by Fortune Business Insights:
Jewelry Market Size to Hit $266.53 Billion by 2027 | At a 3.7% CAGR
Perfume Market Size to Surpass USD 43.2 Billion by 2028 | At 5% CAGR
Handbag Market Size to Surpass USD 78.46 Billion by 2028 | At 6.7% CAGR
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