The
global luxury goods market was valued at USD 296.1 billion in 2013
and is expected to reach USD 374.85 billion in 2020, growing at a
CAGR of 3.4% from 2014 to 2020. Europe was the largest market for
global luxury goods in 2013 due to substantial sales through travel
retail and duty free shops. As of 2013, North America was the
second-largest market for global luxury goods.
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The
global luxury goods market is driven by under-penetrated emerging
markets of Asia Pacific and Rest of the World (RoW). The luxury goods
market demonstrated high growth for the period 2009–2012, but
growth slowed down in 2013. Growth is expected to be moderate in
2014, and emerging markets such as the UAE, Saudi Arabia, Egypt,
Singapore, Malaysia, Thailand, India, Brazil, South Africa, Vietnam,
and Indonesia are expected to drive growth during forecast period
2014–2020. The North American market is witnessing decent growth
for absolute luxury goods in contrast to Europe, where per capita
expenditure on luxury goods has decreased. Customers in Europe are
either buying premium luxury goods or affordable luxury goods. Most
luxury goods companies are currently focusing on emerging markets, as
these are scarcely penetrated, though consumers have both knowledge
of luxury items and buying power for the same.
However,
this market faces certain challenges and one major restraint includes
unstable economic conditions in various regions of the world, and
currency devaluation in emerging markets. In addition, there is lack
of training and development to frontline store executives, who can
potentially convert prospective customers into buyers. Furthermore,
customers are looking for luxury goods that come with a mix of
tradition and modernity in design and packaging. Luxury goods
manufacturers are expected to demonstrate robust growth globally
through a strategic blend of absolute and affordable luxury and the
use of digital platforms for marketing and promotions.
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By
type, the global luxury goods market is segmented into: luxury
watches & jewelry, apparels and leather goods, luxury personal
care & cosmetics, wines/champagne and spirits, fragrances, and
others. Apparels and luxury goods was the biggest segment in terms of
revenue in 2013, and it is expected to maintain its position through
2014–2020. Most of the large luxury goods manufacturers are
acquiring suppliers and partners in hard luxury segments in order to
develop their product offerings since these segments are likely to
grow rapidly over 2014–2020. Travel retail is expected to boost
sales in the fragrances and personal care products segments.
Consumers prefer to purchase these products at duty free shops and
repeat users go for online purchases more frequently. Liquors sales
is expected to grow rapidly in Latin American and Asian markets due
to growth in numbers of personal parties and sophisticated pubs/bars.
Geographically,
Europe is the biggest market for global luxury goods as most of the
major companies are located in this region. In addition, robust
tourism in most European countries stimulates growth of luxury
brands. North America is projected to demonstrate moderate growth for
absolute luxury goods. Row and Asia Pacific are set to witness robust
growth during the forecast period as these regions are characterized
by high number of wealthy customers with high standard of living.
LVMH,
Hermes International S.A., Prada S.p.A., Compagnie Financière
Richemont S.A. (hereby referred as Richemont), Kering Group, The
L'Oréal Group, Coty, Inc., Tiffany & Company, Rolex S.A., and
others are the popular players in the global luxury goods market,
where LVMH enjoys maximum revenue share. LVMH has a long history of
revamping acquired brands. For instance, LVMH acquired jewelry
company Bulgari in 2011. They worked on its store design, marketing
communication and thus were able to make it a profitable brand. In
addition, limited edition products of companies such as Tiffany &
Co., Prada S.p.A., Burberry Group plc, and Zara are popular in the
luxury goods category.
The
global luxury goods market has been segmented as follows for better
understanding and to formulate winning strategies for the market
players:
Global
luxury goods market analysis, by type, market size, and forecast,
2012 – 2018
- Luxury Watches & Jewelry
- Apparels and Leather Goods
- Luxury Personal Care & Cosmetics
- Wines/Champagne and Spirits
- Fragrances
- Others (Tableware, Luxury Pens)
In
addition, the report provides a cross-sectional analysis of all the
above segments with respect to the following geographical markets:
- North America
- Europe
- Asia-Pacific
- Rest of the World
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