Global Luxury Goods Market Size, Share, Analysis, Forecast, Industry Strategy, Opportunity, Trends, Insights, Growth, Price, Research Survey, Segment, Outlook and Challenges Report To 2022
Global Luxury Goods Market Size, Share, Analysis, Forecast, Industry Strategy, Opportunity, Trends, Insights, Growth, Price, Research Survey, Segment, Outlook and Challenges Report To 2022
Luxury Goods Market Report, forecasts that the global market is expected to garner $ 429,762 million by 2022, registering a CAGR of 3.9 % during the period 2016- 2022. Luxury goods market trends such as rise in disposable income, upgradation in consumer lifestyle and inclination towards exquisite jewelry, watches, designer apparels, leather goods, and other merchandise has boosted the demand for luxury goods. Designer apparels segment dominated the global market in 2015 and is expected to maintain this trend in the future.
The luxury goods industry comprises products of superior quality and high value. Developing countries such as India, Japan, China, and South Korea are anticipated to exhibit an increase in demand for luxury goods, owing to increased disposable income and rise in the living standards. Manufacturers focus on developing elegantly designed and affordable products for upper-middle and upper class customers.
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Based on product type, the global luxury goods market is segmented into designer apparel & footwear, jewelry, accessories, cosmetics & beauty products, fine wines / champagne & spirits, travel goods, and others. The others segment includes luxury products such as writing instruments and electronic gadgets. In terms of revenue, designer apparels & footwear segment was the most popular in 2015 and generated a revenue of $ 128,167 million and is expected to lead the luxury goods industry during the forecast period. The growth of tourism industry and travel retail is expected to boost the sales of products in the luxury travel goods segment. In developing regions such as Asia-Pacific and LAMEA, higher demand for luxury goods and accessories is anticipated owing to the higher tourism rate and evolving fashion trends.
The luxury cosmetics market witnessed an escalation in demand for skin care products due to varying climatic conditions. In the year 2015, luxury cosmetics generated a revenue of $ 37,093 million and are estimated to reach $ 45,998 million by 2022.
The mode of sale is either retail or online. Retail sector is the major channel in terms of revenue generation that includes physical stores, flagship stores, brand outlets, retail shops, and others. It