Report Code: A07936 | Pages: NA | Jul 2023 | 4644 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Personal Luxury Goods Market
Request Now !The personal luxury goods consist of luxury items that are used for personal grooming, fashion, and other personal care. Personal luxury goods can vary from person to person, income group, perception about the luxury product and the comfort and pleasure the consumers gets from the product. When seen on a broader concept personal luxury goods are finest quality products having premium value attached to them. The luxury goods have proportionate demand depending on the income of the potential buyers.
COVID-19 Scenario Analysis:Â
Increase in preference of millennials and rise in the income of mid-segment consumers hence increasing the disposable income of the segment has increased the demand for personal luxury goods. In addition, rise in skin problems such as acne, dark spots, and sunburn due to pollution and environmental changes the consumers are moving towards premium cosmetic and skincare products which contain high-quality ingredients for better action on the skin problems and contains natural ingredients boost the global personal luxury goods market. Moreover, consumers' growing income has become one of the rising factors with the willingness to pay for advanced and premium quality products for personal use. The companies are making innovation in the skincare range and some other accessories to make more premium level goods and cater to various demands and sell differentiated products to their consumers. The online sales channel and brand awareness through promotions and social media campaigns by celebrities and the consumers following the trends and lifestyle of their idols and celebrities are some other factors that affect the demand for personal luxury goods.Â
The global personal luxury goods market trends are as follows:
Personal luxury goods buyers always have a desire to stand apart from the rest of the crowd and want their premium product to be unique. The luxury brands have come up with new platforms where the customer can design their shoes, clothes, accessories in an application provided by the brand, and the price is set as per the requirement mentioned by the customer.
The Asia-Pacific countries with growing economies the people are more tempted toward buying luxury goods as there has been a high rise in disposable income. China is the highest contributor in the market share of Asia-Pacific and is growing at an all-time high in terms of revenue collection. The other Asia-Pacific countries like India, South Korea, and Indonesia are also demanding luxury goods with a rise in their economy.Â
Key Benefits of the Report:
Questions Answered in the Personal Luxury Goods Market Research Report:
Personal Luxury Goods Market Report Highlights
Aspects | Details |
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By Type |
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By End User |
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By Distribution Channel |
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Key Market Players | The Estée Lauder Companies Inc., Luxottica, Richemont, KERING, Loreal S.A., LVMH, Burberry, Chanel and Coach, Breitling, Christian Dior, Ralph Lauren |
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