Global Luxury Goods Market: Trends & Opportunities (2015-2019)
Scope of the Report
This report analyzes the development of the ""Global Luxury Goods Market: Trends & Opportunities (2015-2019) "", including its segments: luxury cars, luxury wines and spirits, luxury hotels and luxury furniture, with a major focus on global personal luxury goods market. The market sizing of global personal luxury market is done by its value, by top countries, by top cities, by gender, by tourists, by retail sale, by wholesale, by online sale, by airport sales, sales by region and through growth of some of its sub segments. Market share analysis of global luxury goods market is also done in this report, with major focus on global personal luxury goods market.
Potters five force analysis includes discussion on threat of new entrant, bargaining power of buyers, threats of substitutes, bargaining power of suppliers and competitive rivalry.
This report also includes regional/country analysis of Americas, Europe and Asia (China in specific). This analysis include personal luxury goods market by value over the years, personal luxury goods market by tourists and price comparison of different brand, for each region. In 2014, Americas and European continent’s personal luxury market grew at decent rate, while Japan registered a very healthy growth rate. China has shown a negative trend and Rest of the Asia experienced brisk growth pace. Moreover, the report profiles key market players such as LVMH, Hermès International and Kering Group on the basis of attributes such as company overview, recent developments, strategies adopted by the market leaders to ensure growth, sustainability, financial overview and recent developments.
Forecasting of personal luxury goods market by value and its segments including luxury cars, luxury hotels, luxury furniture, luxury wines and spirit and personal luxury goods, are also done for the years 2015-2019. Sub segments of global personal luxury goods market and personal luxury goods market of Americas, Europe and Asia is are also forecasted for the years 2015-2019.
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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