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 .
Browse Complete Report @ http :// www . orbisresearch . com / reports / index / global-luxury-goodsmarket-trends-and-opportunities-2015-2019 .
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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