According to the latest market research study by Technavio, the global personal luxury goods market is expected to grow at a CAGR of close to 4% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global personal luxury goods market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the product:
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The top three revenue contributing product segments are discussed below:
Global luxury accessories market: The global luxury accessories market comprises of luxury leather goods such as bags, wallets, purses, belts, and shoes. The increasing disposable income and purchasing power and growing consumer affluence are likely to be the key drivers of the global luxury accessories market during the forecast period.
“The changing fashion trends, regular innovations, and new product launches highly influence the market. Moreover, the rising consumer awareness regarding luxury leather goods in the market, and the easy availability of luxury leather goods in retail stores are other major factors driving the growth of the market,” says Poonam Saini, a lead analyst at Technavio for research on retail goods and services.
Global luxury apparel market: The global luxury apparel market saw moderate levels of growth in 2016, and this trend is expected to continue during the forecast period. There is an increasing level of competition from foreign brands leading to high levels of consolidation, and several companies within the apparel segment are going for M&A to achieve economies of scale. For instance, Brands such as Gucci and Bottega Veneta have opened their first full range men’s only stores in China.
Global luxury watches and jewelry market: The fluctuations in the growth rate of the global luxury watches and jewelry market can be attributed to challenges such as a saturated marketplace, brand overexposure, and significantly high costs associated with having stores on the world’s most popular streets. It is due to this; the luxury watches and jewelry segment is quickly making its place in the online retailing channel. The online retailing is also expected to be one of the most preferred modes of the distribution of the product.
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The top vendors operating in the global personal luxury goods market are:
- Estée Lauder
- L’Oréal
- Luxottica
- LVMH
- Richemont
- The Swatch Group
The other prominent vendors in the market include BURBERRY, BREITLING, CHANEL, COACH, Giorgio Armani, Kate Spade, Kering, Nina Ricci, PRADA, Tiffany, Valentino Fashion Group, Hermès, Ralph Lauren, and VF Corporation.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Personal Luxury Goods Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Skin Care Products Market 2016-2020
- Global Online Beauty and Personal Care Market 2016-2020
- Global Skin Care Products Market 2016-2020
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