Infinium Global Research Luxury Goods Market | Page 3

Luxury Goods Market: Trends and Forecast -2024
increasing disposable income among neo-rich and middle-class people. Further, the
growth of financial organizations which are financing the modern luxuries goods,
and charging minimal interest rate or virtually nothing to attract lots of consumers
towards them is helping to boost the market exponentially. The rise in corporate
culture, which is promoting nuclear families, who are extra cash rich are getting lots
of exposure to luxury goods are craving to purchase those products to increase
their societal status. In addition, the rising number of organized retail and
wholesale stores and financing facilities offered by them are helping to boost the
market globally. However, uncertain economic situations are some of the major
factors that could hamper the market growth. The 2007-2009 economic slowdown
had a negative effect on the sales of luxury goods, globally. Currency fluctuations
and less number of brand outlets in developing regions could be the market
restraining factors. Growing capitalization, increasing disposable income of middle-
class people in the developed and developing countries, the keen focus of
manufacturers and advertising firms are expected to boost the demand of luxurious
items in the medium and long run.
Europe dominates the global market for luxury goods and is followed by North
America. It is expected that during the forecasted period Europe will maintain its
dominance in this market. As Europe is considered one of the best market for costly
fashion and luxury brands items, due to the fondness of European people towards
luxury goods and precious items. In addition, the rising number of high-end
departmental stores and increasing use of online stores within Europe will further
benefit the market to gain traction. Additionally, Asia Pacific’s luxury goods market
is growing at the highest CAGR, due to the growing number of neo-rich, increasing
disposable income among middle-class consumers, the growth of financial services.
Additionally, several luxury brands companies are approaching towards Asia-Pacific
due to low manufacturing cost, and growing market of luxuries items are helping to
boost the market. Further, advertisement companies are targeting these middle-
class people for their luxurious products, which is inducing the demand for luxury
goods in these regions.
Segment Covered
The report on global luxury goods market covers segments such as, product type
and mode of sale. On the basis of product type the global luxury goods market is
categorized into designer apparel & footwear, jewelry, accessories, cosmetics &
beauty products, fine wines/champagne & spirits, travel goods and others. On the
3
© Infinium Global Research