Company Coverage LVMH Hermès International Kering Group
Executive Summary Luxury goods market is a market for goods that give great comfort and pleasure. Luxury goods are commonly characterized by their premium quality, craftsmanship and reputation. In economics, income elasticity of demand for luxury good is greater than one because peoples’ spending on luxury good increases more than the increase in their income. But many luxury goods have now become“ a new normal good”, due to its affordability and increased purchasing power of people.
The overall global luxury market grew at a healthy rate in 2014, with major driving segments being luxury cars, luxury hotels and personal luxury goods. The overall luxury industry comprises nine segments in total: personal luxury goods, luxury cars, luxury hotels, luxury wines and spirits, luxury food, luxury furniture, luxury cruises, luxury yachts and private jets. Among all, the three biggest are luxury cars, luxury hotels and personal luxury goods. Personal luxury goods can be further sub divided into accessories, apparel, hard luxury( watches and jewelry), beauty( cosmetic and perfumes) and others.
Development of global luxury market is fuelled by increased tourist sale of luxury goods, growth of e- commerce market, growth of global retail industry and rise in world GDP. Rise in GDP causes disposable income to increase and hence increase in purchasing power of people, which make them move towards luxury goods. This has caused increase in new consumers from emerging economies.
Increased use of social media, increased Omni channels, globalization and development of second hand or pre-owned luxury goods market has played a great role in growth of global luxury market over the years. While there are some challenges, which global luxury market has to face, such as increasing unemployment rate, increasing availability of counterfeit products, inability to adopt dynamic market approaches and high import tariffs on luxury goods in some areas.
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Some points from TOC: 1. Executive Summary
2. Introduction 2.1 Luxury Goods Market by Types 2.1.1 Personal Luxury Goods 2.1.2 Luxury Cars 2.1.3 Luxury Hotels 2.1.4 Luxury Wines and Spirits 2.1.5 Luxury Foods 2.1.6 Luxury Furniture
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