Industry Background:
Luxury goods refer to the good having a high-level quality and high price. This product shows the status of living for individuals. Increasing disposal income of the people leads to increasing spending capacity that results in a rise in the standard of living are expected to grow the luxury good market with a healthy CAGR. Online platform for Luxury good boosting the overall growth of the luxury market. Changing the preference of the customer towards luxury goods over cost-effective goods can create a huge opportunity for the market. However, the increasing cost of raw material, as well as less customer from the Middle East and Africa region, is limiting the growth of the market. Moreover, technological advancement, particularly in the field of consumer electronics, augmented reality, and artificial intelligence is supplementing overall growth of the market.
According to AMA Research, the market for Luxury Goods is expected to register a CAGR of 3.8% during the forecast period to 2030. This growth is primarily driven by Increasing Disposal Income of Emerging Economies
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Apparel, Accessories & Luxury Goods sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as LVMH Moët HennessyLouis Vuitton SE (France), The Estée Lauder Companies Inc (United States), Compagnie Financière Richemont SA (Switzerland), Luxottica Group SpA (Italy), Kering SA (France), L'Oréal Luxe (France), The Swatch Group Ltd. (Switzerland), Ralph Lauren Corporation (United States), PVH Corp. (United States), Chow Tai Fook Jewellery Group Limited (Hong Kong), Hermès International SCA (France) and Rolex SA (Switzerland), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2020, LVMH has announced the cash acquisition of Tiffany & Co. for USD 131.50 per share. The acquisition is expected to strengthen LVMH's portfolio in the luxury jewelry sector.
In 2022, The Estee Lauder Companies and NYKAA Partner to launch BEAUTY & YOU INDIA. By identifying brand goals, accomplishing scale ambitions, and curating product portfolios that appeal to a new generation of Indian consumers, BEAUTY & YOU seeks to assist founders, innovators, and creators in growing their businesses holistically.Due to their broad presence in most regional markets and excellent product portfolios, leading corporations hold a significant market share. To strengthen their position in the market, luxury firms are concentrating on implementing a variety of initiatives, such as alliances, new product launches, and acquisitions.
Influencing Trend:
Rapid Growth of Online Market that Gives Better Platform for Consumers and Attractive Packaging and Marketing Strategies
Market Growth Drivers:
Increasing Disposal Income of Emerging Economies and Changing Standard of Living and Improvement in Economic Conditions Particularly in Asian Countries
Challenges:
Less Traffic of Luxury Goods in the Middle East and Africa
Restraints:
Increasing Raw Material Cost
Opportunities:
Changing Life Style and Behavior of the End Users
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Luxury Goods Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Luxury Goods Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Luxury Goods players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Luxury Goods Study Sheds Light on
The Luxury Goods Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Luxury Goods industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Luxury Goods industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.