accounted for around 90 % share of the global market revenue in 2015 as it is the most approachable and preferred mode among consumers. However, the online sales segment is anticipated to grow at the highest CAGR during the forecast period due to improvements in various digital platforms and increasing e-commerce websites in various regions.
Traditionally, beauty products, cosmetics, accessories, and designer apparel were majorly used by women. However, these products are gradually gaining popularity among men as well. Luxury travel goods, designer apparel, and other products are largely used by men owing to the change in spending habits and improved shopping experiences. Females account for more than 65 % share in global luxury goods market while the share of male customers is comparatively lower. However, male consumers segment is anticipated to grow at the highest CAGR of 4.6 % during the forecast period.
In the year 2015, Europe and Asia-Pacific collectively accounted for nearly two-third of the worldwide luxury goods market size and are expected to maintain their dominant position throughout the forecast period. However, Asia-Pacific is projected to be the fastest growing region, followed by LAMEA.
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Key findings of Luxury Goods Market study
The others segment in product type is expected to witness highest CAGR of 6.0 %. Designer apparels and luxury jewelry segment together accounted for more than half of the luxury goods market share in 2015. Females accounted for the highest market share in 2015, however, male segment is expected to register highest growth. Asia-Pacific is estimated to witness significant growth during the forecast period with China and Japan being the major stakeholders. In the year 2015, U. S. led the global demand in the luxury goods market. The report provides comprehensive analysis of the key players that operate in the global Luxury Goods Market such as The Estee Lauder Companies Inc., LOral International, LVMH Group, Kering SA, The Shiseido Company, Ltd., Prada S. p. A., Ralph Lauren Corporation, Swatch Group, Luxottica Group S. p. A, and Compagnie Financire Richemont SA. These players occupy a major share in the luxury goods market followed by other tier 2 and tier 3 players worldwide. Luxury goods include designer apparels, ornaments, and other expensive merchandises that are typically accessible to the wealthy and often indicate status. The global luxury goods market is expected to reach $ 428,509 million by 2022, registering a CAGR of 3.8 % during the forecast period.