Personal Luxury Goods Market Size , Share , Trends , Analysis and Forecasts To 2021
Market Research analysts forecast the global personal luxury goods market to grow at a CAGR of 3.71 % during the period 2017-2021 .
According to the report , one of the major drivers for this market is rising tourist spending . Luxury tourism spending has been one of the major growth contributors in the market . At a global level , the US and European countries are considered to be the major destinations for luxury tourism . The non-availability of many luxury products and brands or the high prices of the available ones in their home regions drive many South and Central American and Asian customers to European countries .
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Further , the report states that one of the major factors hindering the growth of this market is presence of counterfeit products . With the growing demand for leather fashion products , manufacturers are finding difficulty in dealing with counterfeit products . Counterfeit products not only affect the actual brands in terms of revenue , but also negatively affect the goodwill of original brands .
About Personal Luxury Goods
The global personal luxury goods market has been registering positive growth over the last few years and is shaping up to become one of the top competitive markets at a global level . With the rise in globalization , ample growth opportunities are being created in the market .
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Covered in this report
The report covers the present scenario and the growth prospects of the global personal luxury goods market for 2017-2021 . To calculate the market size , the report considers the revenue generated from the retail sales of personal luxury goods to individual customers .
The market is divided into the following segments based on geography : Americas APAC Europe