The rise in disposable income has elevated the consumer lifestyle and shifted their preference towards deluxe cosmetics products . Moreover , the escalation in demand for luxury accessories and jewelry due to unique craftsmanship , refinement , quality , and brand name , further fuel the market . In addition , upgradation in product packaging styles and attractive marketing strategies by key players drive this market . However , currency depreciation , increased prices of raw materials , and economic turbulence in some developed countries could hamper the market growth .
This market is segmented on the basis of product type , mode of sale , gender , and geography . The product type segment includes designer apparels & footwear , accessories , cosmetics , jewelry , travel goods , fine wines / champagne & spirits , and others . In the year 2015 , designer apparels and jewelry were the most popular segments and held a cumulative share of more than 59 % in global luxury goods market .
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The mode of sale could either be retail or online sale , wherein retail mode includes brand outlets , franchise stores , flagship stores , and retail outlets . Most customers prefer the retail mode of sale while buying luxury goods . However , online mode of sale is steadily gaining momentum and is expected to grow at the highest CAGR of 6.2 % during the forecast period .
Increase in the number of working women and their economic independence are the key reasons for the market growth for female consumers . In the year 2015 , female consumers accounted for almost 65 % of global luxury goods market . However , increase in inclination of men towards designer apparels , leather bags , and footwear could result in high demand of luxury goods from male consumers . This segment is anticipated to grow at a CAGR of 4.4 % during the forecast period .
Luxury goods market is extremely dependent on economic stability of any particular region as these goods are mainly purchased by the upper economic classes . Furthermore , with the advancements in technology and increase in consumer demands , leading market players have developed various products in different categories of luxury goods and adopted different strategies to combat competition . Acquisition is one of the most prominent strategy in the market . For instance , in 2016 , LVMH Group , a French luxury giant , purchased a minority stake in Repossi to expand its business in luxury jewelry segment . Similarly , in June 2016 , L ’ Oreal International acquired Atelier Cologne , a French perfume manufacturer , to enhance its luxury perfume product portfolio .