Luxury Goods Market to be Valued at USD429.81 Billion by 2026
Rising disposable income, improving
lifestyles, and increasing innovation in existing luxury product offerings are
the leading factors driving the global luxury goods market during the forecast
period.
According to
TechSci Research report “Global
Luxury Goods Market By Type (Jewelry & Watches, Clothing &
Footwear, Bags & Accessories, Cosmetics & Fragrances), By Distribution Channel (By Distribution Channel
(Exclusive Stores, Airports, E-Commerce, Specialty Store & Others
(Departmental Stores, Hypermarket/Supermarket, Multi-Branded Stores etc.)), By
Region, Competition, Forecast & Opportunities, 2026”, global
luxury goods market was valued USD258.12 billion in 2020 and is anticipated to
grow at a CAGR of 8.52% in value terms, in the next five years to reach USD429.81
billion by 2026. The growth in the market is driven by rising fashion conscious
middle-class consumers, changing shopping habits and increasing focus on
personal grooming. Moreover, growing concerns regarding personal appearance due
to social media penetration, increasing disposable income, growing working
females, and changing lifestyles of consumers are expected to drive the global
luxury goods market.
Rising
per capita disposable income has led to an increase in the consumption and
consumer spending on lifestyle and luxury products. Thus, an increasing number
of consumers nowadays are not compromising with the product quality
irrespective of its cost. Such consumer behavior on account of rising
disposable income is positively influencing the global luxury goods market.
Moreover, rising disposable income levels have increased the purchasing power
of consumers, which has resulted in an improved standard of living.
Furthermore, the luxury sector's largest growth potential continues to be
Chinese customers.
Browse more than 113 market data Figures and spread through 149
Pages and an in-depth TOC on “Global Luxury Goods Market."
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Global luxury goods market
can be segmented based on type, distribution channel, company and region. In
terms of type, the market can be segregated into jewelry & watches,
clothing & footwear, bags & accessories, cosmetics & fragrances.
Out of these, jewelry & watches followed by clothing & footwear segment
accounted for the lion’s share in 2020. The segment is further projected to
advance with a CAGR of 7.18% in the forecast period. The demand for the segment
is characterized by the increasing penetration of the organized sector, coupled
with evolving consumer lifestyle and growing disposable income. Furthermore,
with the growing magnitude of festival celebrations across the world, the
jewelry segment’s demand is visibly going up. Also, with the advent of internet
and other technological advances, consumers are well informed about the latest
fashion trends at one click.
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Some of
the major players operating globally in the luxury goods market are LVMH Group,
Compagnie Financière Richemont SA, Kering SA, L’Oréal S.A., Chanel Limited, PVH
Corp., The Estée Lauder Companies Inc., The Swatch Group Ltd., Rolex SA, Prada S.p.A,
etc. The market for luxury
goods is fragmented. Among these, LVMH accounted for share of 13.80% in 2020.
“Asia-Pacific
region is projected to advance with the fastest growth in the global luxury
goods market with a CAGR of 9.77% through 2026, on account of growing
aspirational higher and middle-income group population, lifestyle upgradation,
rising dual income population and increasing purchasing power of the consumers.
The growth of the Asia-Pacific region is attributed to the high population density
in the region. Also, the urban consumers in this region are showing a greater
inclination towards luxury goods as they are continuously spending on products
that meet their tastes and preferences. Furthermore, countries like China,
India, etc., exhibit a huge growth potential owing to the presence of large
urban agglomerations, which results in the increasing demand for luxury goods.
Moreover, customers in these countries are distinctively divided into
traditional and novice customers. The traditional customers have in-depth
knowledge about the high-end brands and focus more on intrinsic attributes like
legacy, timelessness and craftmanship. Whereas the novice customers are those
who purchase luxury items in order to fit in with the society. They are driven
by extrinsic factors like brand image, brand provenance and brand logo.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Luxury Goods Market By Type (Jewelry & Watches, Clothing &
Footwear, Bags & Accessories, Cosmetics & Fragrances), By Distribution Channel (By Distribution Channel
(Exclusive Stores, Airports, E-Commerce, Specialty Store & Others
(Departmental Stores, Hypermarket/Supermarket, Multi-Branded Stores etc.)), By
Region, Competition, Forecast & Opportunities, 2026”, has
evaluated the future growth potential of global luxury goods market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global luxury goods market.
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