Global Luxury Goods Retailing, 2017-2022: Market & Category Expenditure and Forecasts, Trends, and Competitive Landscape
The Global Luxury Market in 2017 produced only moderate growth due to a weak economic scenario worldwide, the reduced purchasing power of people, high inflation, political tensions between economies, and growing security threats. This discouraged sale of luxury and big ticket items and global luxury sales grew at 1.6% CAGR during 2012-2017 and stood at US$332.9 billion in 2017.
The Americas is the largest region for luxury sales at US$118.2 billion in 2017 and is projected to grow at a CAGR of 4.0% during 2017-2022 to reach US$144 billion by 2022. Wherein, Asia-Pacific is the fastest-growing region in the world and is projected to grow at a CAGR of 6.1% during 2017-2022. This will be supported by the strong economic growth in the region, improved spending power of a rapidly growing upper middle class, a large young population, and surging online sales.
The global luxury market promises strong growth during the forecast period, supported by various factors such as economic recovery, improved purchasing power, growing online sales and a rising number of international tourists, especially Chinese tourists. Technology and innovation will remain the key differentiators for brands to sustain growing competition.
Online retail is swiftly emerging as a popular channel for luxury goods retailing due to growing internet penetration and use of smartphones worldwide. Moreover, the rising popularity of social media among youngsters encouraged luxury brands to strengthen their online presence to attract young shoppers.
The Global Luxury Goods Retailing, 2017-2022, report provides analysis of current and forecast market data for luxury goods retail sales in different product categories globally.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook