- The key vendors in the global personal luxury goods market 2015-2019 are Compagnie Financiere Richemont, Estee Lauder, L’Oreal, Luxottica Group and LVMH.
London, 29 September 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global personal luxury goods market 2015-2019. Luxury brand manufacturers are increasing their investments in R&D with regard to raw materials and fabrics in order to enhance existing products. Most luxury brands are also focusing on wearable technology and are partnering with leading technology firms and fashion designers to show an innovative mixture of functionality and workmanship. The global personal luxury goods market is expected to grow at a CAGR of around 8.45% during the forecast period of 2014-2019.
The growing online personal luxury goods market will primarily drive the global personal luxury goods market over the next four years. Factors such as growth in international travel and tourism, a surging middle class, and the retailization of department stores are also propelling the growth of the global personal luxury goods market. The best performing categories in the online market include cosmetics and RTW apparel.
“The personal luxury goods market is witnessing a shift in its customer base as the baby boomers are aging out and the new affluent luxury consumers are extremely tech-savvy,” says Faisal Ghaus, Vice President of Technavio Research.
“They like to access product-related content, mostly on their mobile devices, and want their preferred brands to be available online.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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