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| A01472 | Pages: 140 | Dec 2016 | 37190 Views | | |
| Author(s) : Preksha Verma | Tables: 42 | Charts: 78 |
| |
Pandemic disrupted the entire world and affected many industries.
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Request Now !Luxury Goods Market is expected to garner $429,762 Million by 2022, growing at a prominent CAGR of 3.9% from 2016 to 2022. Luxury goods are high-value products in terms of price and quality. These goods are mostly considered as status symbols for individuals. The global luxury goods market has significantly benefited from the economic growth in the Asia-Pacific and LAMEA regions. Increase in spending capacity of consumers and rise in living standards are expected to boost the market growth.
Countries in the developing regions, such as China, India, South Korea, UAE, and Brazil exhibit promising opportunities for luxury goods manufacturers. Increase in GDP along with growth in sales of luxury brands have boosted the market growth. The luxury goods industry has witnessed an upsurge in their demand in the recent years, owing to inclination of consumers towards luxury goods and increased preference for premium products over cost-effective products.
Advancements in online marketing and increase in use of digital media for product marketing are the key factors contributing to the growth of the global luxury goods industry. Increase in adoption of technologically advanced and high-tech products would contribute to the growth of e-commerce websites for luxury goods.
However, uncertain economic situations are some of the major factors that could hamper the market growth. The 2007-2009 economic slowdown had a negative effect on the sales of luxury goods, globally. Currency fluctuations and less number of brand outlets in developing regions could be the market restraining factors.
Luxury Goods Market Segmentation
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The market is segmented based on product type, gender, mode of sale and geography. The overall luxury goods market size is the summation of the revenues generated from luxury products, such as designer apparels & footwear, cosmetics, travel goods, fine wines/champagne, jewelry & time pieces and other luxury goods. The designer apparels & footwear segment has a major share in this market, followed by jewelry & time pieces. However, accessories and other luxury goods segment is likely to grow at a fast pace, especially in emerging markets, throughout the forecast period. The manufacturers are focusing on craftsmanship and quality of the product, owing to which the market would witness a surge in the demand for all product segments.
The key players profiled in the report include The Estee Lauder Companies Inc., LOral International, LVMH Group, Kering SA, The Shiseido Company, Ltd., Prada S.p.A., Ralph Lauren Corporation, Swatch Group, Luxottica Group S.p.A, and Compagnie Financire Richemont SA. LVMH Mot Hennessy-Louis Vuitton SA holds the highest luxury goods market share among others.
Segment Overview
Based on product type, the global luxury goods market is segmented into designer apparels & footwear, accessories, cosmetics, jewelry, travel goods, fine wines/champagne & spirits, and others. The demand for designer wears is high due to frequent changes/ modifications in fashion trend. Fashion trend majorly rely on culture. Due to difference in cultures between consumers in developing economies from those in developed economies, fashion designers are facing challenges in modifying their designs so as to cater the demands of the customers. The designer wear & footwear segment dominates the market with 38.8% market share in 2015. The others segment, which includes writing instruments and electronic gadgets would be the fastest growing segment, with a CAGR of 6.0%, owing to technological advancements and hence, the high demand for hi-tech products.
Top factors impacting the Global Luxury Goods Market
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Disposable Income
Disposable income of an individual is a top impacting factor for the luxury goods industry. It allows the consumer to spend more on luxury items and on enhancing lifestyle along with scope of investment leading to increased sales of leather accessories and travel goods. The demand for luxury goods is projected to continue to increase the adoption throughout the analysis period, considering further rise in disposable income.
Increase in the Rate of Urbanization
Increase in urban population is one of the impacting factors for the luxury products market. Urban culture influences the individuals living style. Presently, more than one-fourth of the world population lives in rural areas. As per data released by United Nations, about 54% of the worlds population lived in urban areas in 2014, and it is expected that more population will shift in urban areas during the forecast period. The impact of this factor is anticipated to increase during the forecast period, consequentially fueling the demand for luxury goods.
Standards of living
The standard of living among people is increasing, owing to higher disposable incomes, improvement in lifestyle, and increase in corporate culture. Increased proliferation of corporate entities in developing nations has popularized the carrying expensive & luxurious products culture among consumers. Based on the analysis and prevailing trend, consumers in developing countries are expected to gradually gain understanding of personal appearance. In addition, the impact of this driver is anticipated to continue during the forecast period.
Increase in Cost of Raw Material
Raw materials play a vital role in luxury goods industry, and its cost increased significantly in the past few years. Leather is the major raw material preferred for luxury handbags and accessories manufacturing due to high demand for the same. However, foreseeing the advancement in manufacturing technology, wood, soft synthetic, and other materials can be used to manufacture stylish and high aesthetic value goods. This is expected to lead to a shift from leather goods to other materials that can be procured at comparatively lower price, consequently lowering the impact of cost factor and creating favorable environment for the market.
Growth in Online Sales
Online sales is the new trend in the global luxury goods industry. Increase in the number of online portals as well as their rising popularity fueled the market growth. Growth in the number of working professionals and busy lifestyle supplemented with technological awareness are the key factors responsible for boosting online sales. In addition, online sales offer direct-to-home delivery service, which is one of the key driving factors among urban as well as semi-urban consumers. Online sales trend was limited to developed nations, but has recently gained prominence in the developing nations.
Untapped Asia-Pacific and LAMEA Markets
Asia-Pacific and LAMEA are the two important regions that hold immense growth potential for this market. Technological advancements and growth in awareness among consumers are the key factors that encourage consumers to shift from normal goods to luxury products. The continuous improvement in standards of living in these regions has posed lucrative opportunities for market players to expand their foothold in the Asia-Pacific and LAMEA regions during the forecast period.
GDP per Captia PPP for Major Countries in the World 2012-2015
The GDP per Capita Purchase Power Parity (PPP), as given in the below figure, shows an increasing luxury goods market trends in major countries of the world such as U.S., the Netherlands, Canada, Japan, and others. On account of increased purchasing power, people are able to afford the luxury products.
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Key Benefits
Luxury Goods Market Key Segmentation
Luxury Goods Market by Product Type
Luxury Goods Market by Gender
Luxury Goods Market by Mode of Sale
Luxury Goods Market by Region
Key Market Players
Other companies mentioned in the report
CHAPTER 1 INTRODUCTION
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2 EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE
CHAPTER 3 MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
3.2.1. Top impacting factors
3.2.2. Top winning strategies
3.2.3. Top investment pocket
3.3. VALUE CHAIN ANALYSIS
3.4. PORTERS FIVE FORCES ANALYSIS
3.4.1. Large number of manufacturers and low switching cost increase the bargaining power of the buyers
3.4.2. Large number of suppliers and undifferentiated products reduce the bargaining power of suppliers
3.4.3. High capital investment, high brand awareness, and stringent regulations across countries reduce the threat of new entrants
3.4.4. Inferior performance and minimum availability of substitutes reduce the threat of substitutes
3.4.5. Stiff competition, high exit barriers lead to high industrial rivalry
3.5. MARKET SHARE ANALYSIS, 2015
3.6. MARKET DYNAMICS
3.6.1. Drivers
3.6.1.1. Growth in urban population
3.6.1.2. Improvement in economic conditions/growth in disposable income
3.6.1.3. Growth in online sales
3.6.1.4. Changing lifestyle and behavior of consumer
3.6.1.5. Change in packaging styles and attractive marketing strategies
3.6.2. Restraints
3.6.2.1. Increase in cost of raw materials
3.6.3. Opportunities
3.6.3.1. Rise in air traffic
3.6.3.2. Untapped Asia-Pacific and LAMEA markets
CHAPTER 4 LUXURY GOODS MARKET, BY PRODUCT TYPE
4.1. OVERVIEW
4.1.1. Market size and forecast
4.2. DESIGNER APPARELS
4.2.1. Key market trends
4.2.2. Key growth factors and opportunities
4.2.3. Market size and forecast
4.3. JEWELRY & TIMEPIECES
4.3.1. Key market trends
4.3.2. Key growth factors and opportunities
4.3.3. Market size and forecast
4.4. ACCESSORIES
4.4.1. Key market trends
4.4.2. Key growth factors and opportunities
4.4.3. Market size and forecast
4.5. COSMETICS
4.5.1. Key market trends
4.5.2. Key growth factors and opportunities
4.5.3. Market size and forecast
4.6. FINE WINES/CHAMPAGNE AND SPIRITS
4.6.1. Key market trends
4.6.2. Key growth factors and opportunities
4.6.3. Market size and forecast
4.7. TRAVEL GOODS
4.7.1. Key market trends
4.7.2. Key growth factors and opportunities
4.7.3. Market size and forecast
4.8. OTHERS
4.8.1. Key market trends
4.8.2. Key growth factors and opportunities
4.8.3. Market size and forecast
CHAPTER 5 LUXURY GOODS MARKET, BY MODE OF SALE
5.1. OVERVIEW
5.1.1. Market size and forecast
5.2. RETAIL
5.2.1. Key market trends
5.2.2. Key growth factors and opportunities
5.2.3. Market size and forecast
5.3. ONLINE
5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast
CHAPTER 6 LUXURY GOODS MARKET, BY GENDER
6.1. OVERVIEW
6.1.1. Market size and forecast
6.2. MALE
6.2.1. Key market trends
6.2.2. Key growth factors and opportunities
6.2.3. Market size and forecast
6.3. FEMALE
6.3.1. Key market trends
6.3.2. Key growth factors and opportunities
6.3.3. Market size and forecast
CHAPTER 7 LUXURY GOODS MARKET, BY GEOGRAPHY
7.1. OVERVIEW
7.2. NORTH AMERICA
7.2.1. Key market trends
7.2.2. Key growth factors and opportunities
7.2.3. Market size and forecast
7.2.3.1. U.S.
7.2.3.2. Canada
7.2.3.3. Mexico
7.3. EUROPE
7.3.1. Key market trends
7.3.2. Key growth factors and opportunities
7.3.3. Market size and forecast
7.3.3.1. United Kingdom
7.3.3.2. Italy
7.3.3.3. France
7.3.3.4. Germany
7.3.3.5. Rest of Europe
7.4. ASIA-PACIFIC
7.4.1. Key market trends
7.4.2. Key growth factors and opportunities
7.4.3. Market size and forecast
7.4.3.1. China
7.4.3.2. Japan
7.4.3.3. India
7.4.3.4. South Korea
7.4.3.5. Rest of Asia-Pacific
7.5. LAMEA
7.5.1. Key market trends
7.5.2. Key growth factors and opportunities
7.5.3. Market size and forecast
7.5.3.1. Latin America
7.5.3.2. Middle East
7.5.3.3. Africa
CHAPTER 8 COMPANY PROFILES
8.1. COMPAGNIE FINANCIRE RICHEMONT SA
8.1.1. Company overview
8.1.2. Operating business segments
8.1.3. Business performance
8.2. KERING SA
8.2.1. Company overview
8.2.2. Operating business segments
8.2.3. Business performance
8.2.4. Key strategic moves and developments
8.3. LORAL INTERNATIONAL
8.3.1. Company overview
8.3.2. Operating business segments
8.3.3. Business performance
8.3.4. Key strategic moves and developments
8.4. LUXOTTICA GROUP S.P.A.
8.4.1. Company overview
8.4.2. Operating business segments
8.4.3. Business performance
8.5. LVMH GROUP
8.5.1. Company overview
8.5.2. Operating business segments
8.5.3. Business performance
8.5.4. Key strategic moves and developments
8.6. PRADA S.P.A.
8.6.1. Company overview
8.6.2. Business performance
8.7. RALPH LAUREN CORPORATION
8.7.1. Company overview
8.7.2. Operating business segments
8.7.3. Business performance
8.8. SHISEIDO COMPANY, LIMITED
8.8.1. Company overview
8.8.2. Operating business segments
8.8.3. Business performance
8.8.4. Key strategic moves and developments
8.9. SWATCH GROUP
8.9.1. Company overview
8.9.2. Operating business segments
8.9.3. Business performance
8.9.4. Key strategic moves and developments
8.10. THE ESTEE LAUDER COMPANIES INC.
8.10.1. Company overview
8.10.2. Operating business segments
8.10.3. Business performance
8.10.4. Key strategic moves and developments
LIST OF TABLES
TABLE 1. GLOBAL LUXURY GOODS MARKET, BY PRODUCT TYPE, 2014-2022 ($MILLION)
TABLE 2. DESIGNER APPARELS MARKET, BY REGION, 2014-2022 ($MILLION)
TABLE 3. LUXURY JEWELRY & TIMEPIECES MARKET, BY REGION, 2014-2022 ($MILLION)
TABLE 4. LUXURY ACCESSORIES MARKET, BY REGION, 2014-2022 ($MILLION)
TABLE 5. LUXURY COSMETICS MARKET, BY REGION, 2014-2022 ($MILLION)
TABLE 6. FINE WINES/CHAMPAGNE AND SPIRITS MARKET, BY REGION, 2014-2022 ($MILLION)
TABLE 7. LUXURY TRAVEL GOODS MARKET, BY REGION, 2014-2022 ($MILLION)
TABLE 8. OTHER LUXURY PRODUCTS MARKET, BY REGION, 2014-2022 ($MILLION)
TABLE 9. LUXURY GOODS MARKET, BY MODE OF SALE, 2014-2022 ($MILLION)
TABLE 10. LUXURY GOODS MARKET REVENUE FROM RETAIL MODE OF SALES, BY REGION, 2014-2022 ($MILLION)
TABLE 11. LUXURY GOODS MARKET REVENUE FROM ONLINE MODE OF SALES, BY REGION, 2014-2022 ($MILLION)
TABLE 12. GLOBAL LUXURY GOODS MARKET BY GENDER, 2014-2022 ($MILLION)
TABLE 13. LUXURY GOODS MARKET REVENUE FROM MALE CONSUMERS, BY REGION, 2014-2022 ($MILLION)
TABLE 14. LUXURY GOODS MARKET REVENUE FROM FEMALE CONSUMERS, BY REGION, 2014-2022 ($MILLION)
TABLE 15. GLOBAL LUXURY GOODS MARKET, BY REGION, 2014-2022 ($MILLION)
TABLE 16. NORTH AMERICAN LUXURY GOODS MARKET, REVENUE, BY PRODUCT TYPE, 2014-2022 ($MILLION)
TABLE 17. NORTH AMERICAN LUXURY GOODS MARKET, REVENUE, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 18. EUROPEAN LUXURY GOODS MARKET, REVENUE, BY PRODUCT TYPE, 2014-2022 ($MILLION)
TABLE 19. EUROPEAN LUXURY GOODS MARKET, REVENUE, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 20. ASIA-PACIFIC LUXURY GOODS MARKET, REVENUE, BY PRODUCT TYPE, 2014-2022 ($MILLION)
TABLE 21. ASIA-PACIFIC LUXURY GOODS MARKET, REVENUE, BY COUNTRY, 2014-2022 ($MILLION)
TABLE 22. LAMEA LUXURY GOODS MARKET, REVENUE, BY PRODUCT TYPE, 2014-2022 ($MILLION)
TABLE 23. LAMEA LUXURY GOODS MARKET, REVENUE, BY REGION, 2014-2022 ($MILLION)
TABLE 24. COMPAGNIE FINANCIRE RICHEMONT SA: COMPANY SNAPSHOT
TABLE 25. COMPAGNIE FINANCIRE RICHEMONT SA: OPERATING SEGMENTS
TABLE 26. KERING SA: COMPANY SNAPSHOT
TABLE 27. KERING SA: OPERATING SEGMENTS
TABLE 28. LORAL INTERNATIONAL: COMPANY SNAPSHOT
TABLE 29. LORAL INTERNATIONAL: OPERATING SEGMENTS
TABLE 30. LUXOTTICA GROUP S.P.A: COMPANY SNAPSHOT
TABLE 31. LUXOTTICA GROUP S.P.A.: OPERATING SEGMENTS
TABLE 32. LVMH GROUP: COMPANY SNAPSHOT
TABLE 33. LVMH GROUP.: OPERATING SEGMENTS
TABLE 34. PRADA S.P.A.: COMPANY SNAPSHOT
TABLE 35. RALPH LAUREN CORPORATION: COMPANY SNAPSHOT
TABLE 36. RALPH LAUREN CORPORATION: OPERATING SEGMENTS
TABLE 37. SHISEIDO COMPANY, LIMITED: COMPANY SNAPSHOT
TABLE 38. SHISEIDO COMPANY, LIMITED: OPERATING SEGMENTS
TABLE 39. SWATCH GROUP: COMPANY SNAPSHOT
TABLE 40. SWATCH GROUP: OPERATING SEGMENTS
TABLE 41. THE ESTEE LAUDER COMPANIES INC.: COMPANY SNAPSHOT
TABLE 42. THE ESTEE LAUDER COMPANIES INC.: OPERATING SEGMENTS
LIST OF FIGURES
FIGURE 1. LUXURY GOODS MARKET SEGMENTATION
FIGURE 2. TOP IMPACTING FACTORS OF LUXURY GOODS MARKET
FIGURE 3. TOP WINNING STRATEGY ANALYSIS
FIGURE 4. TOP WINNING STRATEGIES, BT COMPANY, 2013-2016 (%)
FIGURE 5. TOP INVESTMENT POCKETS
FIGURE 6. VALUE CHAIN MODEL OF LUXURY GOODS MARKET
FIGURE 7. PORTERS FIVE FORCES MODEL
FIGURE 8. GLOBAL LUXURY GOODS MARKET (2015): MARKET SHARE ANALYSIS
FIGURE 9. GLOBAL URBAN AND RURAL POPULATION (2000-2050)
FIGURE 10. WORLD GDP GROWTH Q1 2005 TO Q4 2015
FIGURE 11. GLOBAL LUXURY GOODS MARKET, BY PRODUCT TYPE, 2015 & 2022 (%SHARE)
FIGURE 12. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF DESIGNER APPARELS & FOOTWEAR MARKET, 2015 & 2022 (%)
FIGURE 13. GLOBAL DESIGNER APPARELS MARKET, REVENUE, 2014-2022 ($MILLION)
FIGURE 14. DESIGNER APPARELS MARKET, BY REGION, 2014-2022 (%)
FIGURE 15. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF LUXURY JEWELRY & TIMEPIECES MARKET, 2015 & 2022 (%)
FIGURE 16. GLOBAL LUXURY JEWELRY & TIMEPIECES MARKET, REVENUE, 2014-2022 ($MILLION)
FIGURE 17. LUXURY JEWELRY & TIMEPIECES MARKET, BY REGION, 2014-2022 (%)
FIGURE 18. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF LUXURY ACCESSORIES MARKET, 2015 & 2022 (%)
FIGURE 19. GLOBAL LUXURY ACCESSORIES MARKET, REVENUE, 2014-2022 ($MILLION)
FIGURE 20. LUXURY ACCESSORIES MARKET, BY REGION, 2014-2022 (%)
FIGURE 21. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF LUXURY COSMETICS MARKET, 2015 & 2022 (%)
FIGURE 22. GLOBAL LUXURY COSMETICS MARKET, REVENUE, 2014-2022 ($MILLION)
FIGURE 23. LUXURY COSMETICS MARKET, BY REGION, 2014-2022 (%)
FIGURE 24. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF FINE WINES/CHAMPAGNE AND SPIRITS MARKET, 2015 & 2022 (%)
FIGURE 25. GLOBAL FINE WINES/CHAMPAGNE AND SPIRITS MARKET, REVENUE, 2014-2022 ($MILLION)
FIGURE 26. FINE WINES/CHAMPAGNE AND SPIRITS MARKET, BY REGION, 2014-2022 (%)
FIGURE 27. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF LUXURY TRAVEL GOODS MARKET, 2015 & 2022 (%)
FIGURE 28. GLOBAL LUXURY TRAVEL GOODS MARKET, REVENUE, 2014-2022 ($MILLION)
FIGURE 29. LUXURY TRAVEL GOODS MARKET, BY REGION, 2014-2022 (%)
FIGURE 30. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF OTHER LUXURY PRODUCTS MARKET, 2015 & 2022 (%)
FIGURE 31. GLOBAL OTHER LUXURY PRODUCTS MARKET, REVENUE, 2014-2022 ($MILLION)
FIGURE 32. OTHER LUXURY PRODUCTS MARKET, BY REGION, 2014-2022 (%)
FIGURE 33. GLOBAL LUXURY GOODS MARKET, BY MODE OF SALE, 2015 & 2022
FIGURE 34. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF RETAIL MODE OF SALE IN LUXURY GOODS MARKET, 2015 & 2022 (%)
FIGURE 35. GLOBAL LUXURY GOODS MARKET REVENUE FROM RETAIL MODE OF SALES, 2014-2022 ($MILLION)
FIGURE 36. LUXURY GOODS MARKET FROM RETAIL MODE OF SALES, BY REGION, 2014-2022 (%)
FIGURE 37. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF ONLINE MODE OF SALE IN LUXURY GOODS MARKET, 2015 & 2022 (%)
FIGURE 38. GLOBAL LUXURY GOODS MARKET REVENUE FROM ONLINE MODE OF SALES, 2014-2022 ($MILLION)
FIGURE 39. LUXURY GOODS MARKET FROM ONLINE MODE OF SALES, BY REGION, 2014-2022 (%)
FIGURE 40. GLOBAL LUXURY GOODS MARKET, BY GENDER, 2015 & 2022 (%SHARE)
FIGURE 41. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF MALE CONSUMERS MARKET, 2015 & 2022 (%)
FIGURE 42. GLOBAL LUXURY GOODS MARKET REVENUE FROM MALE CONSUMERS, 2014-2022 ($MILLION)
FIGURE 43. LUXURY GOODS MARKET FROM MALE CONSUMERS, BY REGION, 2014-2022 (%)
FIGURE 44. GLOBAL ONLINE SHOPPING TRENDS, BY GENDER, 2011
FIGURE 45. COMPARATIVE REGIONAL MARKET SHARE ANALYSIS OF FEMALE CONSUMESRS MARKET, 2015 & 2022 (%)
FIGURE 46. GLOBAL LUXURY GOODS MARKET REVENUE FROM FEMALE CONSUMERS, 2014-2022 ($MILLION)
FIGURE 47. LUXURY GOODS MARKET FROM FEMALE CONSUMERS, BY REGION, 2014-2022 (%)
FIGURE 48. GLOBAL LUXURY GOODS MARKET SHARE, BY REGION, 2015(%)
FIGURE 49. COMPARATIVE LUXURY GOODS MARKET SHARE ANALYSIS OF NORTH AMERICAN MARKET, BY PRODUCT TYPE, 2015 & 2022 (%)
FIGURE 50. U.S. LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 51. CANADA LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 52. MEXICO LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 53. COMPARATIVE LUXURY GOODS MARKET SHARE ANALYSIS OF EUROPEAN MARKET, BY PRODUCT TYPE, 2015 & 2022 (%)
FIGURE 54. UK: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 55. ITALY: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 56. FRANCE: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 57. GERMANY: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 58. REST OF EUROPE: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 59. COMPARATIVE LUXURY GOODS MARKET SHARE ANALYSIS OF ASIA-PACIFIC MARKET, BY PRODUCT TYPE, 2015 & 2022 (%)
FIGURE 60. CHINA: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 61. JAPAN: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 62. INDIA: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 63. SOUTH KOREA: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 64. REST OF ASIA-PACIFIC: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 65. COMPARATIVE LUXURY GOODS MARKET SHARE ANALYSIS OF LAMEA MARKET, BY PRODUCT TYPE, 2015 & 2022 (%)
FIGURE 66. LATIN AMERICA: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 67. MIDDLE EAST: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 68. AFRICA: LUXURY GOODS MARKET, 2014-2022 ($MILLION)
FIGURE 69. COMPAGNIE FINANCIRE RICHEMONT SA: COMPANY SNAPSHOT
FIGURE 70. KERING SA: COMPANY SNAPSHOT
FIGURE 71. LORAL INTERNATIONAL: COMPANY SNAPSHOT
FIGURE 72. LUXOTTICA GROUP S.P.A: COMPANY SNAPSHOT
FIGURE 73. LVMH GROUP: COMPANY SNAPSHOT
FIGURE 74. PRADA S.P.A.: COMPANY SNAPSHOT
FIGURE 75. RALPH LAUREN CORPORATION: COMPANY SNAPSHOT
FIGURE 76. SHISEIDO COMPANY, LIMITED: COMPANY SNAPSHOT
FIGURE 77. SWATCH GROUP: COMPANY SNAPSHOT
FIGURE 78. THE ESTEE LAUDER COMPANIES INC.: COMPANY SNAPSHOT
There is a rapid growth in the luxury goods industry owing to the luxury goods market trends such as increasing urbanization, the vitality of high-end marketing channels, and the swift rise of the middle class in the developing markets such as in Asia-Pacific. In addition, innovation in wearables, increased exposure to social media, and demand for hi-tech luxury goods have fueled this market. However, price differences, geo-political instability, and fluctuation in currencies could hamper the market growth.
Increased tourism in Asia-Pacific and Europe has contributed to the sales of luxury goods. Moreover, growth in demand for designer apparels, jewelry, watches, and exquisite beauty products such as makeup and perfumes drive this market owing to the increase in beauty consciousness and purchasing power of consumers. In addition, attractive packaging, innovative marketing strategies, and product launch boost market growth. For instance, in June 2016, Shiseido Company Limited launched new series “Fearless Beauty” that has further strengthened the makeup product line of the company.
The global luxury goods industry has witnessed prominent adoption in developed regions owing to swift change in consumer lifestyle and increase in disposable income. Europe generated the maximum revenue and is expected to lead throughout the forecast period. However, Asia-Pacific countries such as India, China, and Japan are the most lucrative market for luxury good companies as they have indicated an increase in beauty consciousness and rise in disposable income.
The key market players have developed high-quality and innovative products to cater the changing consumer needs and lifestyle. Moreover, they are shifting to online portals as it is a popular medium to buy luxury products.
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