Personal luxury goods: Key market research findings
- Growing metrosexual population and rising demand for customization
- Growing popularity of e-commerce
Technavio has added a new market research report on the personal luxury goods market in the US to its luxury goods portfolio. The personal luxury goods market in the US is expected to grow at a CAGR of around 5% between 2015 and 2019 due to the growing tourist spending in the country especially from Chinese customers and the substantial disposable income of US citizens.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The US luxury market is witnessing a huge boost owing to the rising number of metrosexual customers. The sales of men’s fragrances have increased considerably in the US with mammoth demand coming from the male customers. Burberry and Michael Kors are coming up with products to meet the growing demand from the metrosexual segment. Customizable apparels are also gaining momentum in this market, where brands such as Brioni, Tod’s, Alexander McQueen, Gucci, and Salvatore Ferragamo have launched mass-customization programs for men’s shoes, shirts, and in some cases, suits,” says Sriram Mohan, Lead Analyst, Consumer & Retail, Technavio Research.
Growing popularity of e-commerce has fuelled the online luxury sales in recent years. White-collar consumers especially prefer online shopping over brick and mortar stores due to the availability of exclusive items that are only offered online. Online shoppers study the trends on online communities and multi-brand sites and have more brand exposure. For instance, the online sales of Neiman Marcus has reached over 23% from 16% in 2010. Accessories and hard luxury are among the most purchased products online, mostly as gift items. Gucci has also launched exclusive items online, bringing exclusivity for its online shoppers.
The leading vendors in the personal luxury goods market in the US include Christian Dior, Estée Lauder, L’Oréal, Luxottica, LVMH and Ralph Lauren. The providers in the personal luxury goods market in the US compete on the basis of their global presence, staff expertise, production quality, and designing and marketing. The report predicts the key vendors in the US market to witness a reduction in their market shares due to increasing competition from other Europeans and American brands.
A more detailed analysis is available in the Technavio report, Personal Luxury Goods Market in the US 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other Related Reports:
- Luxury Goods Market in China 2015-2019
- Global Cufflinks Market- Market Analysis 2015-2019
- Global Personal Accessories Market 2015-2019
- Beauty and Personal Care Market in Latin America: Forecast 2015-2019
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