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