About Personal Luxury Goods
The global personal luxury goods market has been registering positive growth over the last few years and is shaping up to become one of the top competitive markets at a global level. With the rise in globalization, ample growth opportunities are being created in the market.
Technavio’s analysts forecast the global personal luxury goods market to grow at a CAGR of 3.71% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global personal luxury goods market for 2017-2021. To calculate the market size, the report considers the revenue generated from the retail sales of personal luxury goods to individual customers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Personal Luxury Goods Market 2017-2021
Technavio recognizes the following companies as the key players in the global personal luxury goods market: Estée Lauder, L'Oréal, Luxottica, LVMH, Richemont, and The Swatch Group.
Other Prominent Vendors in the market are: BURBERRY, BREITLING, CHANEL, COACH, Giorgio Armani, Kate Spade, Kering, Nina Ricci, PRADA, Tiffany, Valentino Fashion Group, Hermès, Ralph Lauren, and VF Corporation.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is omni-channel distribution. In the world of luxury, brand experience and perception stands to be more important than price. Luxury brands such as PRADA, Rolex, and CHANEL offer premium in-store experience and are uneasy about adopting the online channel as they see it as a threat to exclusivity. Due to this, the luxury business has been slow to adapt to the e-commerce model. The pure-play retailers are the leading players in the market. Net-A-Porter stands as the leading player in the US market selling high end luxury. Other players include ASOS and MR Porter.”
According to the report, one of the major drivers for this market is rising tourist spending. Luxury tourism spending has been one of the major growth contributors in the market. At a global level, the US and European countries are considered to be the major destinations for luxury tourism. The non-availability of many luxury products and brands or the high prices of the available ones in their home regions drive many South and Central American and Asian customers to European countries.
Further, the report states that one of the major factors hindering the growth of this market is presence of counterfeit products. With the growing demand for leather fashion products, manufacturers are finding difficulty in dealing with counterfeit products. Counterfeit products not only affect the actual brands in terms of revenue, but also negatively affect the goodwill of original brands.
Estée Lauder, L'Oréal, Luxottica, LVMH, Richemont, The Swatch Group, BURBERRY, BREITLING, CHANEL, COACH, Giorgio Armani, Kate Spade, Kering, Nina Ricci, PRADA, Tiffany, Valentino Fashion Group, Hermès, Ralph Lauren, VF Corporation.