TechNavio recognizes the following companies as the key players in the Global Personal Luxury Goods Market: Compagnie Financière Richemont S.A., LVMH Moët Hennessy Louis Vuitton S.A., Luxottica Group S.p.A., and Ralph Lauren Corp.
Commenting on the report, an analyst from TechNavio’s team said: “The Accessories segment accounted for 27.2 percent of the Global Personal Luxury Goods market in 2012 and is expected to reach 29.3 percent by 2016. The outstanding growth in the Accessories segment is due to the increasing demand for accessories from customers in emerging markets such as China, Brazil, and India. The Hard Luxury segment recorded a market share of 22.7 percent in 2012 and is expected reach 24.7 percent by 2016. The growth in the Hard Luxury segment will be driven by the increasing sales of watches and a rise in the number of jewelry brands during the forecast period, with more demand coming from emerging markets. Therefore, the growth in the Accessories and Hard Luxury segments is one of the key trends that will propel the growth of the Global Personal Luxury Goods market during the forecast period.”
According to the report, one of the main drivers propelling the growth of this market is the growing Global Online Personal Luxury Goods market. The emergence of an off-price pricing strategy in the Global Online Personal Luxury Goods market is making personal luxury goods accessible to a greater number of individuals since they can compare the prices of different products and make purchases. Further, men are increasing their contribution to this market by making more online purchases.
Further, the report states that one such challenge in this market is the aging baby boomers, who are characterized as wealthy, physically fit, and active individuals and constitute the main target audience for vendors’ marketing and promotional programs. However, they are aging and are approximately more than 55 years of age now. Hence, vendors are facing a challenge of developing new marketing strategies and discovering a new target segment for their products.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market are Burberry Ltd., Hermes International SCA, Kering S.A., Prada S.p.A., Salvatore Ferragamo S.p.A., Tiffany & Co., and Tod’s S.p.A.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-personal-luxury-goods-market-2012…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/healthcare-chemicals-food-retail
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TechNavio Announces the Publication of its Research Report -Global Personal Luxury Goods Market 2012-2016
